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You borrow $1.000 and amortize the loan by making 12 monthly payments of $90. What annual rate of interest is the lender charging you? 13.45% 12.45% 10.45% 11.45% 14 45%

You borrow $1.000 and amortize the loan by making 12 monthly payments of $90. What annual rate of interest is the lender charging you? 13.45% 12.45% 10.45% 11.45% 14 45%

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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You borrow $1,000 and amortize the loan by making 12 monthly payments of $90. What annual rate of interest is the lender charging you? 13.45% 12.45% 10.45% 11 45% 14 45%
Transcribed Image Text:You borrow $1,000 and amortize the loan by making 12 monthly payments of $90. What annual rate of interest is the lender charging you? 13.45% 12.45% 10.45% 11 45% 14 45%
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