You Friend, Edwin Slotkin, Has Started a New Business, but Has

question 112

Essay

You friend, Edwin Slotkin, has started a new business, but has recently encountered a slight cash flow problem. He obtains a $1,000 loan at 10% per year from a local bank, but would like to ask you about the terms. The bank has deducted the interest in advance and he wants to know if 10% is his effective interest rate. How would you respond in an email?

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