A company issued a short-term note payable to a bank with a stated 12 percent rate of interest. The bank charged a. 5% loan origination fee and remitted the balance to the company. The effective interest rate paid by the company in this transaction would be
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Home » Business » A company issued a short-term note payable to a bank with a stated 12 percent rate of interest. The bank charged a. 5% loan origination fee and remitted the balance to the company.