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Kenneth's Arrows and Bows Borrow $15,000 for One Year at 8

Question 90

Multiple Choice

Kenneth's Arrows and Bows borrow $15,000 for one year at 8% interest. What is the effective rate of interest if the loan is discounted?

A) Less than 8.5%
B) More than 8.5% but less than 9.5%
C) More than 9.5% but less than 10.5%
D) More than 10.5%

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