The warehouser charges a 6250 feepayable at the end of the, Financial Management

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The warehouser charges a 6250 feepayable at the end of the

The Ohio Valley Steel Corporation has borrowed $4.2 million for one month at a stated annual rate of 9.9%, using inventory stored in a field of warehouse as a collateral. The warehouser charges a $6,250 fee, payable at the end of the month. What is the effective annual rate of this loan?

The effective annual rate is ____% (Round to two decimal places)

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Financial Management: The warehouser charges a 6250 feepayable at the end of the

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Financial Management: The warehouser charges a 6250 feepayable at the end of the

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