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QUESTION
In discussing a possible loan with the firm's banker, Smith found that the bank is willing to lend Dellvoe up to $800,000 for one year at a 9%...
d. In discussing a possible loan with the firm's banker, Smith found that the bank is willing to lend Dellvoe up to $800,000 for one year at a 9% simple, or quoted, rate. However, he forgot to ask what the specific terms would be.
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