You are looking at a one-year loan of $20,000. The interest rate is quoted as 12 percent plus 4 points. A point on a loan is simply 1 percent (one percentage point) of the loan amount. Quotes similar to this one are common with home mortgages. The interest rate quotation in this example requires the borrower to pay 4 points to the lender up front and repay the loan later with 12 percent interest. 8 02:53:08 What rate would you actually be paying here? Skipped Multiple Choice O 18.33% O 16.67% O 15.00% O 7.52% O 12.00%