Question: You plan to borrow $ 1 0 , 0 0 0 from your bank, which offers to lend you the money at a 1 0

You plan to borrow $10,000 from your bank, which offers to lend you the money at a 10% nominal, or stated, rate on a 1-year loan. What is the annual percentage rate if the loan is an add-on interest loan with 12 monthly payments?
a.10.00%
b.13.25%
c.1533%
d.17.97%
e.19.53%
You plan to borrow $10,000 from your bank, which offers to

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