Multiple Choice
Simpson Conglomerates borrows $12,000 for a short-term purpose.The loan will be repaid after 120 days,with Simpson paying a total of $12,400.What is the approximate cost of credit using the APR,or annual percentage rate,calculation?
A) 3.33%
B) 4.00%
C) 10.00%
D) 11.75%
Correct Answer:
Verified
Correct Answer:
Verified
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