Business, 13.10.2020 01:01 Hfruit

Question 6 10 pts
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 $12,000.
O 1.79% per year
O 19.16% per year
0 23.70% per year
O 21.46% per month

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Question 6 10 pts
A finance company offers a "12% plan". The cost of a one-year loan is 12%,...