Gemini Real Estate is offered a $2 million line of credit for four months at an APR of 9%.This loan has a loan origination fee of 1.5%.What is the actual four-month interest rate paid,expressed as an EAR?
A) 4.57%
B) 9.68%
C) 12.44%
D) 14.34%
E) 11.14%
Correct Answer:
Verified
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