Gretchen Enterprises Borrowed $149,500 for Two Years from the Bank

question 70

Multiple Choice

Gretchen Enterprises borrowed $149,500 for two years from the bank. At the end of the two years, they repaid the loan with one payment of $176,590. What was the interest rate on the loan?

• A) 8.68%
• B) 9.06%
• C) 10.00%
• D) 10.42%
• E) 18.12%

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