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Suppose That You Borrow $10,000 for One Year, and at the End

Question 307

Multiple Choice

Suppose that you borrow $10,000 for one year, and at the end of the year, you must repay $10,350. The interest rate is

A) 10.35 percent.
B) 6.5 percent.
C) 3.5 percent.
D) 2.7 percent.

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