What is the effective interest rate if the loan is an
You plan to borrow $10,000 from your bank, which offers to lend you the money at an 11 percent nominal, or stated, rate on a 1-year loan. What is the effective interest rate if the loan is an add-on interest loan with 12 monthly payments?
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you plan to borrow 10000 from your bank which offers to lend you the money at an 11 percent nominal or stated rate on a
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