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When an Auto Loan's Terms Are an 8%-Per-Year Interest Rate,seven

Question 31

Multiple Choice

When an auto loan's terms are an 8%-per-year interest rate,seven years in length,and a purchase price of $20,000,what value should be entered in the Rate field?


A) 8%
B) .08*12
C) .08/12
D) 8%-12

Correct Answer:

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