Coverall Carpets Inc. is planning to borrow $12,000 from the bank. The bank offers the choice of a 12 percent discount interest loan or a 10.19 percent add-on, one-year installment loan, payable in 4 equal quarterly payments. What is the approximate (nominal) rate of interest on the 10.19 percent add-on loan?
A) 5.10%
B) 10.19%
C) 12.00%
D) 20.38%
E) 30.57%
Correct Answer:
Verified
Q9:
You have just taken out a loan
Q22:
Berkeley Prints expects to have sales this
Q23:
You have just taken out a loan
Q24:
East Lansing Appliances (ELA) expects to have
Q27:
East Lansing Appliances (ELA) expects to have
Q30: East Lansing Appliances (ELA) expects to have
Q30:
Berkeley Prints expects to have sales this
Q31: Coverall Carpets Inc. is planning to borrow
Q32: Picard Orchards requires a $100,000 annual loan
Q39: Berkeley Prints expects to have sales this
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents