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A finance company offers a 15% plan. The cost of a one-year loan is 15%, and this cost is added to the loan. This total

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A finance company offers a "15% plan". The cost of a one-year loan is 15%, 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 $11,000. o 2.22% per month 31.01% per year 15.00% per year O 30.12% per year

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