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Ifirm borrowed 50000 at rate of 9 simple interest with

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Reference no: EM13478414

If a firm borrowed $50,000 at a rate of 9%, simple interest, with monthly interest payments and a 365-day year, what would the effective annual rate on this loan be?

Which Answer is correct?

a) 8.84%

b) 9.02%

c) 9.38%

d) 9.61%

e) 9.99%

Reference no: EM13478414

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