Virginia has just been quoted what appears to be a very competitive loan for $2,000 to be paid back in 24 monthly payments of $96.66 with a finance charge of $240.Using the n-ratio method of estimating the APR,what is the APR on this loan? 
A) 8.0 percent
B) 11.1 percent
C) 19.2 percent
D) 24.0 percent
Correct Answer:
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