Assume that montana mining inc borrows 5000000 for 120 days
Assume that Montana Mining, Inc. borrows $5,000,000 for 120 days. The total interest paid is $150,000. What is the APY, or Effective Annual Rate of interest that Billings pays?
a. 9.00%
b. 3.00%
c. 9.27%
d. 9.77%
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