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The Nichols Company Borrowed $32,000 from the Bank and Agreed

Question 22

Multiple Choice

The Nichols Company borrowed $32,000 from the bank and agreed to keep $3000 on deposit at all times. The stated rate of interest on the loan is 9%. What is the real rate of interest?


A) 9%
B) 9.4%
C) 9.9%
D) 10.3%

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