Kenneths arrows and bows borrow 10000 for one year at 7, Ask an Expert

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Kenneth's Arrows and Bows borrow $10,000 for one year at 7 percent interest. What is the effective rate of interest if the loan is discounted? (Use 360 days in a year.)

Less than 6.6 percent

More than 8.6 percent

More than 7.7 percent, but less than 8.6 percent

More than 6.6 percent, but less than 7.7 percent

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Financial Management, Finance

Category:- Financial Management
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