Vroom Motorcycle Company is borrowing $30,000 from First Prairie Bank. The total interest charge is $9,000. The
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Vroom Motorcycle Company is borrowing $30,000 from First Prairie Bank. The total interest charge is $9,000. The loan will be paid by making equal monthly payments for the next three years. What is the annual rate of interest on this instlalment loan?
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Related Book For 
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
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