Determine the nominal interest gm paid to the chinese bank

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Reference no: EM13183728

Generous Motor Company took a short loan of $100M for two years from friendly bank in China. The company made a monthly payment of $1M for two years and wrote a check for $100M at the end of two years in addition to the $1M monthly payment. Determine the nominal interest GM paid to the Chinese bank.

Reference no: EM13183728

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