Multiple Choice
David Company borrowed $550,000 on December 31, 2014. The loan will be paid with six equal annual payments of $115,388, beginning on December 31, 2015. The rate of interest compounded annually for the loan is most nearly equal to
A) 9%.
B) 8%.
C) 7%.
D) 6%.
Correct Answer:
Verified
Correct Answer:
Verified
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