Choose a well-known company and a real or imaginary business project. The project could be the introduction of a new product or service, the creation of a website, a software launch, or any other type of business initiative that would require a project management team to form and oversee the project.

You are looking at a one-year loan of $16,500. the interest rate is quoted as 8.7 percent plus two points. a point on a loan is 1 percent (one percentage point) of the loan amount. quotes similar to this one are common with home mortgages. the interest rate quotation in this example requires the borrower to pay two points to the lender up front and repay the loan later with 8.7 percent interest. what rate would you actually be paying here?