A new financial services company just opened in your town. To attract customers, it is offering a "9-10" loan special. The company will lend $9 today in exchange for a payment of $10 one year from today. What is the APR on this loan?
A) 10.00 percent
B) 10.38 percent
C) 10.92 percent
D) 11.11 percent
E) 11.54 percent
Correct Answer:
Verified
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