Multiple Choice
Your company borrows $275,000 today to fund its growth initiatives. It must repay the bank in five annual payments of $76,300 at the end of each year. What annual interest rate is your firm paying?
A) 10.85 percent
B) 12.01 percent
C) 17.75 percent
D) 18.02 percent
Correct Answer:
Verified
Correct Answer:
Verified
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