Question: 8. Andy Co. borrows $500,000 and will pay it back in four equal installments over the year (every month). The interest on this loan is

8. Andy Co. borrows $500,000 and will pay it back in

8. Andy Co. borrows $500,000 and will pay it back in four equal installments over the year (every month). The interest on this loan is $50,000 which will also be paid back in four equal installments. The effective interest rate on this loan is: A. 15.696% B. 3.924% C. 16.98% D. 10.00% E. 16.644

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