Multiple Choice
Suppose Tom receives one-year loan from ABC Bank for $5000.00.At the end of the year, Tom repays $5400.00 to ABC Bank.Assuming the simple calculation of interest, the interest rate on Tom's loan was:
A) $400
B) 8.00%
C) 7.41%
D) 20%
Correct Answer:
Verified
Correct Answer:
Verified
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