Question
Gladys Turner borrowed $12,000 from the bank using a 10.19 percent add-on, one-year installment loan, payable in four equal quarterly payments. What is the effective
Gladys Turner borrowed $12,000 from the bank using a 10.19 percent "add-on", one-year installment loan, payable in four equal quarterly payments. What is the effective annual rate of interest?
| A. | 15.99% | |
| B. | 9.50% | |
| C. | 10.19% | |
| D. | 16.98% | |
| E. | 20.38% |
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International Financial Reporting And Analysis
Authors: David Alexander, Ann Jorissen, Martin Hoogendoorn
8th Edition
978-1473766853, 1473766850
