A car insurance company charges you a premium of $1452 a year for your car insurance policy.You have two options.Option 1 is to pay the $1452 in cash today.Option 2 is to make three payments of $499 at the following times: today,3-months from now and 6-months from now.What nominal rate of interest,j4,are you being charged?
A) 11.73%
B) 12.12%
C) 12.53%
D) 13.06%
Correct Answer:
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