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    Foundations of Finance Study Set 2
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    Exam 15: Working-Capital Management
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    Assume That Billings,Inc
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Assume That Billings,Inc

Question 1

Question 1

Multiple Choice

Assume that Billings,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:

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