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Albert Loaned $850,000 to Batman on March 17

Question 49

Multiple Choice

Albert loaned $850,000 to Batman on March 17. On January 9 of the following year, Batman paid to Albert the $49,000 of interest that had accumulated on the debt up to that time. What simple rate of interest was Albert charging on this loan?


A) 7.06%
B) 25.68%
C) 31.40%
D) 9.65%
E) 17.34%

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