You plan to borrow 50000 from the bank to pay for inventory


You Plan to borrow $50,000 from the bank to pay for inventory for a gift shop you just opened. The bank offers to lend you the money at 8% annual interest. The funds will be needed for 6 months. Calculate the effective rate of interest on the loan.

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Financial Management: You plan to borrow 50000 from the bank to pay for inventory
Reference No:- TGS01463892

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