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Raymond borrowed 300000 from loans r us company the line of

Raymond borrowed $3,000.00 from Loans R Us Company. The line of credit agreement provided for repayment of the loan in equal monthly payments of $668.76 which includes interest of 9.00 % per annum calculated on the unpaid balance.

a. What is the monthly rate of interest?

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Finance Basics: Raymond borrowed 300000 from loans r us company the line of

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