Question: JD Enterprises borrowed $150,000 for two years from the bank. At the end of the two years, they repaid the loan in full with one

JD Enterprises borrowed $150,000 for two years from the bank. At the end of the two years, they repaid the loan in full with one payment of $175,000. What was the quoted interest rate on the loan? Assume the interest rate is quoted as an APR compounded monthly.

A) 16.67%

B) 7.73%

C) 7.86%

D) 8.33%

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