Consider a Situation Where You Borrow $40,000

question 20

Multiple Choice

Consider a situation where you borrow $40,000.The interest paid is $3,000,and is deducted at the beginning of the period.What is the interest rate?

• A)12.11%
• B)7.5%
• C)8.11%
• D)11.5%
• E)0

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Definitions:

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