Basset, a furniture manufacturing company, borrowed $1 million and repaid the loan through monthly payments of $20,000 for 2 years plus a single lump-sum payment of $1 million at the end of 2 years. The interest rate on the loan was closest to: (a) 0.5% per month (b) 2% per month (c) 2% per year (d) 8% per yea

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