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Calculate the annualised rate of interest on the loan

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Reference no: EM133120630

You plan to borrow $20,000 from the bank to pay for inventories for a gift shop you have just open. The bank offers to lend you the money at 10% annual interest for the 6 months the funds will be needed (assume a 360 - day year).

Calculate the annualised rate of interest on the loan.

Reference no: EM133120630

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