: Chapter5 Question 22 (of 25) an interest rate of 18 percent on one-year loans. So, if you borrow A local finance company quotes $20,000, the interest for the year will be $3,600. Because you must repay a total of $23,600 in one year, the finance company requires you to pay $23,600/12, or $1,966.67 per month over the next 12 months Requirement 1: Is the interest rate on this loan 18 percent? Click to select)