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If a firm borrowed $50,000 at a rate of 9%, simple interest, with monthly interest payments and a 365-day year, what would the effective annual

If a firm borrowed $50,000 at a rate of 9%, simple interest, with monthly interest payments and a 365-day year, what would the effective annual rate on this loan be?

Which Answer is correct?

8.84%

9.02%

9.38%

9.61%

9.99%

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