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Idlewild Bank Has Granted You a Seven-Year Loan for $50,000

Question 111

Multiple Choice

Idlewild Bank has granted you a seven-year loan for $50,000. If your seven annual end-of-the-year payments are $11,660.45, what is the rate of interest Idlewild is charging?


A) 14%
B) 23%
C) 12.6%
D) 11%

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