Multiple Choice
Ronald is borrowing $20,000 using the discount method.His bank is offering him an annual percentage rate of 8.5% and he is taking out the loan for 24 months.How large of a check will Ronald receive from this loan when he leaves the bank? How much will he repay?
A) $20,000;$23,400
B) $16,600;$20,000
Correct Answer:
Verified
Correct Answer:
Verified
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