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What is the effective annual rate of interest

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Harris Flooring Inc. is planning to borrow $12,000 from the bank for new sanding machines. The bank offers the choice of a 12 percent discount interest loan or a 10.19 percent add-on, one-year installment loan, payable in 4 equal quarterly payments. What is the effective annual rate of interest on the 12 percent discounted loan?

Reference no: EM132379854

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