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What is the annual interest rate if a simple interest loan of $10,000 for 4 years charges a total of $2,800 interest? The loan is
What is the annual interest rate if a simple interest loan of $10,000 for 4 years charges a total of $2,800 interest? The loan is repaid with a single payment at the end of year 4
Select one:
a. i such that 12800= 10000(F/P,i,4)
b. 7%
c. cannot be determined from the information given
d. 28%
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