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A loan for P50,000 is to be paid in 3 years at the amount of P65,000. What is the effective rate of money ?

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A loan for P50,000 is to be paid in 3 years at the amount of P65,000. What is the effective rate of money ?

A. 9.01 %
B. 9.14 %
C. 9.31 %
D. 9.41 %