Multiple Choice
Key Enterprises borrows $12,000 for a short-term purpose.The loan will be repaid after 120 days,with Key paying a total of $12,400.What is the approximate cost of credit using the APY ,or annual percentage yield,calculation?
A) 4.33%
B) 10.34%
C) 12.25%
D) 12.46%
Correct Answer:
Verified
Correct Answer:
Verified
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