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The Nichols Company Borrowed $12,000 from the Bank and Agreed

Question 140

Multiple Choice

The Nichols Company borrowed $12,000 from the bank and agreed to keep $3,000 on deposit at all times.The stated rate of interest on the loan is 10%.What is the real rate of interest?


A) 10%
B) 12%
C) 13.3%
D) 14%

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