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Von Hayek's Kayaks Can Borrow $12,500 for 60 Days at a Cost

Question 46

Multiple Choice

Von Hayek's Kayaks can borrow $12,500 for 60 days at a cost of $220 interest. What is the effective rate of interest?

A) 8.3%
B) 9.8%
C) 10.6%
D) 1.8%

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