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1.Notes Payable Straight Interest Method A company borrows $500,000 from a bank with the following terms. The loan is for one year and the total

1.Notes Payable Straight Interest Method

A company borrows $500,000 from a bank with the following terms. The loan is for one year and the total interest to be paid at the maturity of the loan is $30,000. Calculate the Annual Percentage Rate (APR) of the loan.

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