The interest rate on the loan was closest

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Reference no: EM13771373

Small manufacturing company borrowed $1 million and repaid the loan through monthly payments of $20,000 for 2 years plus a single lump sum payment of $1 million at the end of 2 years. The interest rate on the loan was closest to:

0.5%

2% per month

2% per year

8% per month

Reference no: EM13771373

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