Multiple Choice
Lonnie lends Burt $15,000 in 2009. Burt repaid Lonnie $150 in real interest for the 1-year loan. Inflation that year was 1.5%. What nominal interest rate did Lonnie charge Burt?
A) 0.5%
B) 2%
C) 2.5%
D) -0.5%
Correct Answer:
Verified
Correct Answer:
Verified
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