(Answered) Effective interest per year

Finance

A company needs a loan of USD 100,000 and agrees to pay, at maximum, 60% effective interest per year. if it already got 40% to payoff at the end of a year, at interest 55% per year, at which annual rate should the company take a loan of the remaining 60%, to withdraw it at the end of the first semester. Support your statements with examples.

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