Assume That Montana Mining,Inc

question 93

Multiple Choice

Assume that Montana Mining,Inc.borrows $5,000,000 for 120 days.The total interest paid is $150,000.What is the APY,or Effective Annual Rate of interest that Billings pays?

• A) 3.00%
• B) 9.00%
• C) 9.27%
• D) 9.77%

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