Friendly Finance is offering a special on one-year loans. The company will loan you $5,000 today in exchange for one payment of $5,700 one year from now. What is the APR on this loan?
A) 13.67 percent
B) 14.00 percent
C) 14.40 percent
D) 14.93 percent
E) 15.04 percent
Correct Answer:
Verified
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