Business, 29.02.2020 04:26 christheicebear

A finance company offers a "12% plan". The cost of a one-year loan is 12%, and this cost is added to the loan. This total is then divided by 12 to get the monthly payments. Calculate the effective interest rate being charged for a loan of $9,000.

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A finance company offers a "12% plan". The cost of a one-year loan is 12%, and this cost is added to...