A firm has a line of credit and borrows $25,000 at 9 percent interest
A firm has a line of credit and borrows $25,000 at 9 percent interest for 180 days or half a year. What is the effective rate of interest on this loan if the interest is paid in advance?
A) 4.7 percent
B) 9.4 percent
C) 9.9 percent
D) 10.3 percent
ANSWER
C
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