A small business borrows 10000 from a bank at a 75, Financial Management

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A small business borrows 10000 from a bank at a 75

A small business borrows 10,000 from a bank at a 7.5% effective annual interest rate with an agreement that the loan would be repaid when the loan balance reaches 16, 600.

If no interim payments are made, determine the approximate time at which the loan is repaid.

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Financial Management: A small business borrows 10000 from a bank at a 75

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