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Wogharts Corp. is planning to borrow $12,000 for one year. a. What is the effective rate of interest if they borrow from a bank that

Wogharts Corp. is planning to borrow $12,000 for one year. a. What is the effective rate of interest if they borrow from a bank that offers an 11.75 percent discount interest loan? b. What is the effective rate of interest if they borrow from a bank that offers a 10.50 percent add-on, one-year installment loan, payable in 4 equal quarterly payments?

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