Multiple Choice
Luther Industries is offered a $1 million dollar loan for four months at an APR of 9%.If this loan has an origination fee of 1%,then the effective annual rate (EAR) for this loan is closest to:
A) 12.0%
B) 12.6%
C) 4.1%
D) 13.8%
E) 7.5%
Correct Answer:
Verified
Correct Answer:
Verified
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