A lending company advertises that for a fee of P10, you can immediately borrow up to P200 for one month.If a person accepts the offer, what is the nominal interest rate per year? O a. 60% O b. 6% O c. 50% O d. 5%

A lending company advertises that for a fee of P10, you can immediately borrow up to P200 for one month.If a person accepts the offer, what is the nominal interest rate per year? O a. 60% O b. 6% O c. 50% O d. 5%

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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A lending company advertises that for a fee of P10, you can immediately borrow up to P200 for one
month.If a person accepts the offer, what is the nominal interest rate per year?
O a. 60%
O b. 6%
O c. 50%
O d. 5%

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