Homework answers / question archive / A bank customer is granted credit for a $2,000 loan at 10% to be repaid in 12 equal installments

A bank customer is granted credit for a $2,000 loan at 10% to be repaid in 12 equal installments

Finance

Share With

A bank customer is granted credit for a $2,000 loan at 10% to be repaid in 12 equal installments. If the loan quoted has an add- on rate, which of the following is the approximate annual percentage rate (APR) on the loan? 20% 18 12%