A Bank Customer Is Granted Credit for a $2,000 Loan

A bank customer is granted credit for a $2,000 loan at 10 percent to be repaid in 12 equal installments.If the loan quoted has an add-on rate,what are the net proceeds of the loan?

A) $2,200
B) $2,100
C) $2,000
D) $1,800
E) Cannot be determined