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You Are Asked to Lend a Friend $10,000 for a Year

Question 49

Multiple Choice

You are asked to lend a friend $10,000 for a year. At the end of the year your friend agrees to pay you $10,500. The interest rate on this loan is

A) 0.05%.
B) 5.0%
C) 105%.
D) indeterminate from this information.

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