Multiple Choice
d'Anconia Copper has borrowed $5 million for six months at a stated annual rate of 10%,using inventory stored in a field warehouse as collateral.The warehouse charges a $25,000 fee,payable at the end of the six months.The effective annual rate on this loan is closest to:
A) 9.3%.
B) 11.3%.
C) 15.2%.
D) 17.1%.
Correct Answer:
Verified
Correct Answer:
Verified
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