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MsSmith Borrowed $1,250 at an 11% Stated Rate of Interest

Question 110

Multiple Choice

Ms.Smith borrowed $1,250 at an 11% stated rate of interest and was to pay back the installment loan in 24 monthly payments.What is her annual rate of interest?


A) 10.56%
B) 11.60%.
C) 18.96%
D) 22.00%

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