Question
You Plan to borrow $50,000 from the bank to pay for inventory for a gift shop you just opened. The bank offers to lend you
You Plan to borrow $50,000 from the bank to pay for inventory for a gift shop you just opened. The bank offers to lend you the money at 8% annual interest. The funds will be needed for 6 months. Calculate the effective rate of interest on the loan.
| a. | .08% | |
| b. | .04% | |
| c. | .02% | |
| d. | .16% |
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
