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13. Which of the following describes the most common bank loan? Group of answer choices The bank loan is compounded monthly and quoted to the

13.

Which of the following describes the most common bank loan?

Group of answer choices

The bank loan is compounded monthly and quoted to the lender using the monthly periodic rate.

The bank loan is compounded annually and quoted to the lender using the monthly periodic rate.

The bank loan is compounded monthly and quoted to the lender using the effective annual rate.

The bank loan is compounded annually and quoted to the lender using the effective annual rate.

The bank loan is compounded monthly and quoted to the lender using the annual periodic rate.

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