Multiple Choice
Assume that Montana Mining,Inc.borrows $5,000,000 for 120 days.The total interest paid is $150,000.What is the APY,or Effective Annual Rate of interest that Billings pays?
A) 3.00%
B) 9.00%
C) 9.27%
D) 9.77%
Correct Answer:
Verified
Correct Answer:
Verified
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