Business, 09.02.2022 17:10 whitakers87

A discount interest loan is a loan arrangement where the interest and any other related charges are calculated at the time the loan is closed. Suppose a one-year loan is stated as $10,000 and the interest rate is 12%. Then, the borrower pays $1,200 interest up front, thereby receiving net funds of $8,800 and repaying $10,000 in a year. What is the effective interest rate on this one-year loan

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A discount interest loan is a loan arrangement where the interest and any other related charges are...