If your bank gives you a $2,000 loan at 8% per year,but deducts the interest in advance,is 8% the "real" rate of interest that you will pay?
A) Yes.
B) No.The interest rate is actually lower than 8%.
C) No.The interest rate is actually higher than 8%.
D) There is not enough information to answer this question accurately.
Correct Answer:
Verified
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