Multiple Choice
Coverall Carpets Inc. is planning to borrow $12,000 from the bank. The bank offers the choice of a 12 percent discount interest loan or a 10.19 percent add-on, one-year installment loan, payable in 4 equal quarterly payments. What is the approximate (nominal) rate of interest on the 10.19 percent add-on loan?
A) 5.10%
B) 10.19%
C) 12.00%
D) 20.38%
E) 30.57%
Correct Answer:
Verified
Correct Answer:
Verified
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