Multiple Choice
You borrow $95 today for six and a half weeks. You must repay $100 at loan maturity. What is the effective annual rate on this loan?
A) 50.73%
B) 40.00%
C) 32.33%
D) 27.95%
E) 37.93% (100/95) (52/6.5)
Correct Answer:
Verified
Correct Answer:
Verified
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