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%

Answer rating: 100% (QA)

B 773 Future Value Present Value 1 r n Future Value ... View the full answer