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What was actual rate of interest paid by ms manufacturing

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The MS Manufacturing Company, a Canadian company, borrowed $100,000 US from the Bank of America; the loan carried an interest rate of 12% and the exchange rate at the time  the funds were advanced was $0.7875 US to $1 Canadian. The principal and interest were  repaid exactly one year later, when the exchange rate was $1 US equals $1.3225 Canadian.

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Problem a) What was the actual rate of interest paid by MS Manufacturing Company on the loan?

Reference no: EM132791102

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