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What is the percent interest rate or effective cost

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Problem 1: A bank loan officer offers you a loan. You agree to pay $16,000 in interest plus repay the $175,000 at the end of one year. What is the percent interest rate or effective cost?

Option 1: 9.14%
Option 2: 8.38%
Option 3: 7.99%
Option 4: 8.74%

Reference no: EM132949949

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