Essay
Your friend,Sal Dunn,has started a new business,but has recently encountered a slight cash flow problem.He obtains a $1,000 loan at 10% per year from a local bank,but would like to ask you about the terms.The bank has deducted the interest in advance and he wants to know if 10% is his effective interest rate.How would you respond in an email?
Correct Answer:
Verified
Correct Answer:
Verified
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