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Determining the stated rate of interest

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Reference no: EM131056690

Mr. Hull borrows $3,500 for one year at 9% stated rate of interest. What is the effective rate of interest in the loan is discounted?

Select one:

A. 9.89%

B. 12.00%

C. 13.19%

D. 14.00%

Reference no: EM131056690

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