On September 1, 2010, the Baker Company Received $44, 940

Multiple Choice

On September 1, 2010, the Baker Company received $44, 940 from 4-Most Finance Company.To pay off this loan, the Baker Company will have to pay 4-Most $10, 000 each year for ten years.The first payment is due September 1, 2011.Which interest rate compounded annually is Baker paying on this loan?

A) 12%
B) 15%
C) 18%
D) 24%