Question: David Company borrowed $ 5 5 0 , 0 0 0 on December 3 1 , 2 0 1 8 . The loan will be

David Company borrowed $550,000 on December 31,2018. The loan will be paid with six equal annual payments of $122,606, beginning on
December 31,2019. The rate of interest compounded annually for the loan is most nearly equal to
9%.
8%.
7%.
6%.
David Company borrowed $550,000 on December 31,2018. The loan will be

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