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A company seeking a $750,000 business loan receives a quote from a bank. The proposed loan is a 5-year fixed-rate loan with quarterly payments. The
A company seeking a $750,000 business loan receives a quote from a bank. The proposed loan is a 5-year fixed-rate loan with quarterly payments. The banker tells the company that the quarterly loan payments will be $43,684.30. The quoted interest on the loan is closest to:
A.) 1.5%
B.) 6%
C.) 12%
D.) 18%
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