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Banks sometimes quote interest rates in the form of add-on interest. In this case, if a 1-year loan is quoted with a 20% interest rate
Banks sometimes quote interest rates in the form of add-on interest. In this case, if a 1-year loan is quoted with a 20% interest rate and you borrow $1,000, then you pay back $1,200. But you make these payments in monthly installments of $100 each. |
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