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If You Pay $2,640 Annually on a $22,000 Loan A

Question 115

Multiple Choice

If you pay $2,640 annually on a $22,000 loan A, and pay $1,800 on a $12,000 loan B, then the interest rates are


A) 12 percent on loan A and 18 percent on loan B.
B) 10 percent on loan A and 15 percent on loan B.
C) 12 percent on loan A and 15 percent on loan B.
D) 15 percent on loan A and 12 percent on loan B.

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