ABX Corp.is offered a $1.4 million line of credit for nine months at an APR of 7.5%.This loan has a loan origination fee of 1%.What is the actual nine-month interest rate paid,expressed as an EAR?
A) 7.50%
B) 7.57%
C) 6.69%
D) 8.92%
E) 9.02%
Correct Answer:
Verified
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