Multiple Choice
Your tuition for the coming year is due today. You borrow $8,000 from your uncle and agree to repay in the three years an amount of $9,250. What is the interest rate on this loan? Round to the nearest percent.
A) 5%
B) 6%
C) 7%
D) 8%
Correct Answer:
Verified
Correct Answer:
Verified
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