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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

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, which of the following is the approximate annual percentage rate (APR) on the loan? 20% 18 12%

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