A bank customer is granted credit for a $5,000 add-on loan at 10% to be repaid in
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Question:
A bank customer is granted credit for a $5,000 add-on loan at 10% to be repaid in 12 equal installments. If the loan quoted has anadd-on rate, what is the approximate annual percentage rate (APR) on the loan?
A.12%
B.19.91%
C.17.97%
D.11.11%
E.Cannot be determined
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