You wish to borrow $2,000 to be repaid in 12 monthly installments of $189.12.The annual interest rate is

Name: You wish to borrow $2,000 to be repaid in 12 monthly installments of $189.12.The annual interest rate is
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Question

Quizplus · Accepted Answer

The correct answer is A because the annual interest rate is 24%. This can be calculated using the formula:r = (12 * i) / (n - 1)where:r = annual interest ratei = monthly interest raten = number of monthsIn this case, we have:r = (12 * 0.02) / (12 - 1)r = 0.24r = 24%

You Wish to Borrow $2,000 to Be Repaid in 12