Multiple Choice
Use the following information for questions
A bank customer is granted credit for a $2,000 loan at 10% to be repaid in 12 equal installments.
-If the loan quoted has an add-on rate, what are the net proceeds of the loan?
A) $2,200
B) $2,100
C) $2,000
D) $1,800
E) Cannot be determined
Correct Answer:
Verified
Correct Answer:
Verified
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