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Fiddler Company Has a Loan Balance of $853

Question 12

Multiple Choice

Fiddler Company has a loan balance of $853.02 and must make equal payments of $100 at the end of each of the next 10 months. What is the monthly rate of interest that Fiddler Company is paying?


A) 2%
B) 2.5%
C) 3%
D) 4%

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