Find effective rate on installment loan-bi-monthly payments
What is the effective rate on an $10,000 installment loan with bi-monthly payments, $1,600 in interest, for 2 years?
i) 16%ii) 7.4%iii) 29.5%iv) 14.8%
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Genetech has $2,000,000 in assets, have decided to finance 30% with long-term financing (13% rate) and 70% with short-term financing (9%) rate. What will be their annual interest costs?
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