Question: 8. Andy Co. borrows S640,000 and will pay it back in twelve equal installments over the year (every month). The interest on this loan is

8. Andy Co. borrows S640,000 and will pay it back in

8. Andy Co. borrows S640,000 and will pay it back in twelve equal installments over the year (every month). The interest on this loan is $51,200 which will also be paid back in four equal installments. The effective interest rate on this loan is: A. 12.60% B. 3.15% C. 15.39% D. 8.00% E. 13.21%

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