Your bank has agreed to grant you a discount loan with an APR of 6.25%.If you need $10,000 today,the loan is to be repaid in full in one year,and the total interest to be paid is $667,what is the EAR of the loan?
A) 6.25%
B) 6.45%
C) 6.69%
D) 6.67%
Correct Answer:
Verified
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