Effective rate of interest, Accounting Basics

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Effective rate of interest

Problem:

Coverall Carpets Inc. is planning to borrow 12,000 from the bank, The bank offers the choice of a 12 percent discounted interest loan of a 10.19 percent add on, one year installments loan, payable in 4 equal quarterly payments.

Required:

Question: What is the effective rate of interest on the 12 percent discounted loan?

Note: Show step by step solution and I also want complete calculation.

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Accounting Basics: Effective rate of interest

Reference No:- TGS0892154

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Accounting Basics: Effective rate of interest

Reference No:- TGS0892154

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Recent Questions Asked Accounting Basics

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