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A bank makes a $50,000 loan and will receive payments of $600 each month for 20 years as repayment. What is the rate of return

A bank makes a $50,000 loan and will receive payments of $600 each month for 20 years as repayment. What is the rate of return to the bank for making this loan?

a. 10.92%

b. 1.12%

c. 0.91%

d. 13.4%

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