Your company borrowed $50,000 from a bank and have agreed to pay the principal back by making monthly payments of $1,685.50 for 3 years (36 months). What is the ANNUAL interest rate for this loan? O 12.00% O 13.03% O 3.02% O 15.14% 9.87% O 1.99% O 5.49% O 2.09%
Your company borrowed $50,000 from a bank and have agreed to pay the principal back by making monthly payments of $1,685.50 for 3 years (36 months). What is the ANNUAL interest rate for this loan? O 12.00% O 13.03% O 3.02% O 15.14% 9.87% O 1.99% O 5.49% O 2.09%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Your company borrowed $50,000 from a bank and have agreed to pay the principal back by making monthly
payments of $1,685.50 for 3 years (36 months). What is the ANNUAL interest rate for this loan?
O 12.00%
O 13.03%
O 3.02%
O 15.14%
9.87%
O 1.99%
O 5.49%
O 2.09%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd55788f6-e8c1-4413-8803-24c52e6d1126%2F9ae3bea7-dd2c-46e4-9c23-880a67077e1b%2F3ebwn3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Your company borrowed $50,000 from a bank and have agreed to pay the principal back by making monthly
payments of $1,685.50 for 3 years (36 months). What is the ANNUAL interest rate for this loan?
O 12.00%
O 13.03%
O 3.02%
O 15.14%
9.87%
O 1.99%
O 5.49%
O 2.09%
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