Question: Suppose SKI decided to raise an additional $100,000 as a 1-year loan from its bank, for which it was quoted a rate of 8%. What

Suppose SKI decided to raise an additional $100,000 as a 1-year loan from its bank, for which it was quoted a rate of 8%. What is the effective annual cost rate assuming simple interest and add-on interest on a 12-month installment loan?

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