A 1-year loan of $15,000 is quoted at 6.7 percent plus 3 points. This loan is to be repaid in one lump sum. What is the actual cost of this loan?
A) 11.86 percent
B) 6.91 percent
C) 12.55 percent
D) 10.00 percent
E) 9.70 percent
Correct Answer:
Verified
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