Basset, a furniture manufacturing company, borrowed $1 million and repaid the loan through monthly payments of $20,000
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Basset, a furniture manufacturing company, borrowed $1 million and repaid the loan through monthly payments of $20,000 for 2 years plus a single lump-sum payment of $1 million at the end of 2 years. The interest rate on the loan was closest to:
(a) 0.5% per month
(b) 2% per month
(c) 2% per year
(d) 8% per year
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