Amanda borrowed $6,095 from her best friend, 11 months later, Amanda repaid her $7,005. Calculate the effective annual interest rate.

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 14MCQ
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Amanda borrowed $6,095 from her best friend, 11 months later, Amanda repaid her $7,005. Calculate the effective annual interest rate.

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