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oksian1 [2.3K]
3 years ago
10

4. If the monthly finance charge on a loan is 1%, then the A.P.R. on that loan would be

Business
1 answer:
zhannawk [14.2K]3 years ago
3 0

Answer:

B. 12%

Explanation:

Given -  If the monthly finance charge on a loan is 1%

To find - The A.P.R. on that loan would be

1 year = 12 months

Given that, monthly finance charge = 1%

So,

Cumulatively,

Annual Percentage rate (APR) = 12×1% = 12%

So,

The correct option is - B. 12%

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Answer:

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D. Eliminates other options is correct. Just took the test.


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