Blastdale Corp. is considering borrowing $15,000 for a 60-day period. The firm will repay the ...

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Blastdale Corp. is considering borrowing $15,000 for a 60-day period. The firm will repay the ...

Blastdale Corp. is considering borrowing $15,000 for a 60-day period. The firm will repay the $15,000 principal amount plus $200 in interest. What is the effective annual rate of interest? Use a 360-day year.
A) 7.2%
B) 8.0%
C) 8.2%
D) 10.5%

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