question archive 1)John Doe Enterprises borrowed $149,500 for three years from the bank
1)John Doe Enterprises borrowed $149,500 for three years from the bank
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1)John Doe Enterprises borrowed $149,500 for three years from the bank. At the end of the three years, they repaid the loan with one payment of $176,590. What was the quoted interest rate on the loan? Assume the interest rate is quoted as APR compounded annually.
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