If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per
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Question:
If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year for 10 years, what is the annual interest rate on the loan?
a) 12%
b) 13.6%
c) 18.9%
d) 14.4%
e) 15.9%
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Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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