Multiple Choice
A Motel is converting its rooms into privately owned condominiums. The interest on a $3,800,000,
30-year construction loan is $90,000. What is the rate of interest? Does the rate seem unreasonable?
A) 4.30%; reasonable
B) 0.08%; unreasonable
C) 5.80%; reasonable
D) 1.60%; unreasonable
Correct Answer:
Verified
Correct Answer:
Verified
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