The Needy Corporation borrowed $14,000 from Bank Ease. According to the terms of the loan, Needy must
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The Needy Corporation borrowed $14,000 from Bank Ease. According to the terms of the loan, Needy must pay the bank $488 in interest every three months for the three-year life of the loan, with the principal to be repaid at the maturity of the loan. What effective annual rate is Needy paying?
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Related Book For 
Corporate Finance The Core
ISBN: 9781292158334
4th Global Edition
Authors: Jonathan Berk, Peter DeMarzo
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