tch 70. Coverall Carpets Inc. is planning to borrow P12,000 from the bank. The bank offers the choice of a 12 percent discounted interest loan or a 10.19 percent add-on, one-year installment loan, payable in 4 equal quarterly payments. What is the effective rate of interest on the 10.19 percent add-on loan? C. 15.22% a. 9.50% d. 16.99% b. 10.19% at