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problem: Coverall Carpets Inc. is considering borrowing $12,000 from the bank. The bank offers the choice of a 12% discount interest loan or a 10.19% add-on, one-year installment loan, payable in four (4) equal quarterly payments. find out the approximate (nominal) rate of interest on the 10.19% add-on loan?

[A] 12.00%

[B] 20.38%

[C] 5.10%

[D] 10.19%

 

[E] 30.57%

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