Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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show steps with your formulas. Thank you

Saul is a new entrepreneur who started a business. He borrowed money for 1 year to build some robots that he wants to sell. The amount of the loan was $25,000, and it had an interest rate of 15% per year. However, because Saul had not built up a credit history, the lender made him buy loan-default insurance that cost 10% of the loan amount. Moreover, the lender charged a loan setup fee of 500. What was the effective interest rate that Saul paid for the loan?
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Transcribed Image Text:Saul is a new entrepreneur who started a business. He borrowed money for 1 year to build some robots that he wants to sell. The amount of the loan was $25,000, and it had an interest rate of 15% per year. However, because Saul had not built up a credit history, the lender made him buy loan-default insurance that cost 10% of the loan amount. Moreover, the lender charged a loan setup fee of 500. What was the effective interest rate that Saul paid for the loan?
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