Question
The Friendly Bank makes a loan to a local business of $125,000. The loan officer tells the bank CFO that the loan will be paid
The Friendly Bank makes a loan to a local business of $125,000. The loan officer tells the bank CFO that the loan will be paid back in five years and provide the bank with a single lump sum payment of $185,743.42. If the interest is compounded monthly, what is the annual interest rate or APR on the loan?
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Process To Profits Strategic Planning For A Growing Business
Authors: William Lasher
1st Edition
0324223870, 9780324223873
