Lenny borrowed $10,000 on a 5-year interest-bearing note with an interest rate of 10%. At...
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Accounting
Lenny borrowed $10,000 on a 5-year interest-bearing note with an interest rate of 10%. At the end of 5 years, Lenny must repay the bank $16,105. Based on the amount that must be repaid, interest was calculated with what type of interest rate?
a. Compound Interest
b. Simple Interest
c. Complex Interest
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