You have arranged a bank loan with your bank.You will have no monthly payments but have agreed to pay back $100 000 at the end of the year.The bank has stated that the annual interest rate they will charge you is 7.5 per cent.What is the value of the loan?
A) $107 500.00
B) $93 023.26
C) $99 378.88
D) $92 796.23
E) $92 500.00
Correct Answer:
Verified
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