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If a company borrows $15,000 for one year with a total interest cost of $1,800, what would be the effective rate of interest if this

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If a company borrows $15,000 for one year with a total interest cost of $1,800, what would be the effective rate of interest if this were an installment loan paid on a monthly basis? A.5% B. 10% C.52% 22%

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