On This Date Last Year,you Borrowed $3,400

question 65

Multiple Choice

On this date last year,you borrowed $3,400.You have to repay the loan principal plus all of the interest six years from today.The payment that is required at that time is $6,000.What is the interest rate on this loan?

• A)8.01 percent
• B)8.45 percent
• C)8.78 percent
• D)9.47 percent
• E)9.93 percent

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