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Toronto Skaters Company is being offered a one-year variable rate loan at a rate of prime + 0.75%.The loan is to be paid in quarterly installments and there are no other fees associated with it.The prime lending rate is currently 6% compounded quarterly.What is the effective annual cost of this loan?
Zygomycota
A class of fungi characterized by their life cycle including a sexual phase that produces zygospores, often found as molds on food or organic matter.
Economic Importance
The significance of a particular sector, industry, or commodity in contributing to the economic health and growth of a region, country, or global economy.
Fungi
A domain of organisms capable of producing spores that consume organic matter, which includes entities such as molds, yeast, different types of mushrooms, and toadstools.
Products
In a chemical reaction, substances that are formed as a result of the reaction.
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