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Please answer and explain The annual percentage rate (APR) on a single payment loan for $1,000 at a simple interest rate of 10 % is

Please answer and explain

The annual percentage rate (APR) on a single payment loan for $1,000 at a simple interest rate of 10 % is

A. 10.00%.

B. 11.10%.

C. 12.20%.

D. 13.20%.

E. 14.20%.

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