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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. What rate would you actually be paying here? Multiple Choice 18.33% 16.67% 15.00% 7.52% 12.00%
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Business, 22.06.2019 20:00, ethanyayger
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Business, 22.06.2019 21:10, dezmondpowell
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