Multiple Choice
Dorothy borrows $10,000 from the bank. For a four-year loan, the bank requires annual end-of-year payments of $3,223.73. The annual interest rate on the loan is ________.
A) 9 percent
B) 10 percent
C) 11 percent
D) 12 percent
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q83: The rate of interest actually paid or
Q124: Ken borrows $15,000 from a bank at
Q125: Entertainer's Aid plans five annual colossal concerts,
Q126: The effective rate of interest and compounding
Q127: You are considering the purchase of new
Q129: A firm wishes to establish a fund
Q130: Ms. Day needs $20,000 to buy her
Q131: To expand its operation, the International Tools
Q132: Nico makes annual end-of-year payments of $5,043.71
Q133: Alexis owns stock in a company which