Answered: You borrow $1.000 and amortize the loan…

You borrow $1.000 and amortize the loan by making 12 monthly payments of $90. What annual rate of interest is the lender charging you? 13.45% 12.45% 10.45% 11.45% 14 45%

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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You borrow $1,000 and amortize the loan by making 12 monthly payments of $90. What annual rate of interest is the lender charging you?
13.45%
12.45%
10.45%
11 45%
14 45%

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