Multiple Choice
A firm has a line of credit and borrows $25,000 at 9 percent interest for 180 days or half a year. What is the effective rate of interest on this loan if the interest is paid in advance?
A) 4.7 percent
B) 9.4 percent
C) 9.9 percent
D) 10.3 percent
Correct Answer:
Verified
Correct Answer:
Verified
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