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8. Master Company wants $400,000 of product on January 1 of 2018 and needs to...

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8. Master Company wants $400,000 of product on January 1 of 2018 and needs to fund through the supplier. They will pay the loan back on August 31 of 2018 (242 days) with $32,000 of interest. The effective rate on this loan is: A. 14.52% B. 8.00% C. 13.40% D. 12.31% 9. Andy Co. borrows $320,000 and will pay it back in twelve equal installments over the year (every month). The interest on this loan is $25,600 which will also be paid back in twelve equal installments. The effective interest rate on this loan is: A. 14.40% B. 1.20% C. 15.39% D. 8.00% E. 17.58%

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