Question: Mr . Smith has borrowed $ 2 0 , 0 0 0 from the bank to start his small book - keeping business. He has

Mr. Smith has borrowed $20,000 from the bank to start his small book-keeping business. He has arranged with the bank to pay $250 per month for the next 10 years. What is the monthly interest rate on this loan?
Multiple Choice
1.25%
9.23%
0.87%
8.69%
0.72% USE FORMULA TO SOLVE NOT EXCEl

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