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Gladys Turner Borrowed $12,000 from the Bank Using a 10

Question 26

Multiple Choice

Gladys Turner borrowed $12,000 from the bank using a 10.19 percent "add-on", one-year installment loan, payable in four equal quarterly payments.What is the effective annual rate of interest?


A) 9.50%
B) 10.19%
C) 15.99%
D) 16.98%
E) 20.38%

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