Question: Wilmont borrows $ 1 , 0 0 0 with an annual fixed interest rate on the loan of 1 2 % and a loan term

Wilmont borrows $1,000 with an annual fixed interest rate on the loan of 12% and a loan term of 12 months. What is the periodic interest rate?
12.0%.
1.1%.
12.7%.
1.0%.
Wilmont borrows $ 1 , 0 0 0 with an annual fixed

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