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Assume that the bank will lend the firm 300,000 to eliminate the past-due accounts payable. The terms of the loan offered are 7%, simple interest

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Assume that the bank will lend the firm 300,000 to eliminate the past-due accounts payable. The terms of the loan offered are 7%, simple interest for 180 days, and the bank uses a 360-day year for the interest calculation. What is the in effective annual rate? (Assume there are 30 days in a month.) 7.1996 7.2396 7.0096 7.1296

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