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%

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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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