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loverall Carpets Inc is planning to borrow $2,000 fon the bank. The bank offers the choice of a a one 12% discounted interest loan or

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loverall Carpets Inc is planning to borrow $2,000 fon the bank. The bank offers the choice of a a one 12% discounted interest loan or 10. 19% add-on, installement loan, payable in a equate quartedy payments. What is the effective rak of the 12 % discounted Loan? a) 23.6% b) 10.7% c) 13.6% d) 2.5%

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