I want to know the formula to resolve this problem: 1.Suppose that a company borrows $20,000 for
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Question:
I want to know the formula to resolve this problem:
1.Suppose that a company borrows $20,000 for 1 year at a stated rate of interest of 9%. What is the annual percentage rate (APR) if interest is paid to the lender
a.Annually
b.Semiannually
c.Quarterly
answer:
a. Annually: 8.649%
b. Semiannually: 8.836%
c. Quarterly: 8.933%
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