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On a discount basis, the cost of a bank loan of $1.8 million for 9 months at a quoted annual rate of 10.90% is a.

On a discount basis, the cost of a bank loan of $1.8 million for 9 months at a quoted annual rate of 10.90% is

a.

9.26%

b.

18.06%

c.

12.23%

d.

11.57%

e.

12.04%

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