Business, 09.04.2020 05:08 Cocco

Banks sometimes quote interest rates in the form of "add-on interest." In this case, if a 1-year loan is quoted with a 20% interest rate and you borrow $1,000, then you pay back $1,200. But you make these payments in monthly installments of $100 each. What are the true APR and effective annual rate on this loan? Why should you have known that the true rates must be greater than 20% even before doing any calculations? (

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Banks sometimes quote interest rates in the form of "add-on interest." In this case, if a 1-year loa...