Question
A finance company offers a 12% plan. The cost of a one-year loan is 12%, and this cost is added to the loan. This total
A finance company offers a "12% plan". The cost of a one-year loan is 12%, and this cost is added to the loan. This total is then divided by 12 to get the monthly payments. Calculate the effective interest rate being charged for a loan of $6,000.
21.46% per month
22.34% per year
12.00% per year
23.70% per year
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Loss Control Auditing A Guide For Conducting Fire Safety And Security Audits
Authors: E. Scott Dunlap
1st Edition
1439828865, 978-1439828861
