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What is the percent interest rate or effective cost

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Question - 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?

a. 9.14%

b. 8.38%

c. 7.99%

d. 8.74%

Reference no: EM133024238

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