A new financial services company just opened in your town.To attract customers,it is offering a "9-11" loan special.The company will lend $9 today in exchange for a payment of $11 one year from today.What is the APR on this loan?
A) 20.00 percent
B) 20.76 percent
C) 21.84 percent
D) 22.22 percent
E) 23.08 percent
Correct Answer:
Verified
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