What is the effective annual rate of interest

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Blastdale Corp. is considering borrowing $15,000 for a 60-day period. The firm will repay the $15,000 principal amount plus $200 in interest. What is the effective annual rate of interest? Use a 360-day year. 7.2% 8.0% 8.2% 10.5%

Reference no: EM131628478

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