Business, 20.04.2020 21:10 lilcaleb501
Stonehall Inc. recently borrowed $685,000 from its bank at a simple interest rate of 10 percent. The loan is for eight months and, according to the loan agreement, the interest should be added to the amount borrowed and the total amount will be repaid in monthly installments. The loan's annual percentage rate (APR) is:
a. 20.00%
b.18.25%
c. 15.05%
d. 13.33%
Answers: 3
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Stonehall Inc. recently borrowed $685,000 from its bank at a simple interest rate of 10 percent. The...
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