The Effective Rate on a $20,000 Installment Loan with Quarterly

question 33

Multiple Choice

The effective rate on a $20,000 installment loan with quarterly payments and $2,000 in total interest for two years is approximately ________.

• A) 16%
• B) 7.4%
• C) 29.5%
• D) 8.9%

---

Definitions:

RSS Feed

A web feed that allows users and applications to access updates to online content in a standardized format.

Account Settings

Options and preferences within a user's account on a digital platform that allow for customization and security adjustments.

Outlook

A personal information manager from Microsoft, featuring email, calendar, contacts, and task management functionalities.

Search Tools

Software features or utilities designed to help users find information or files on a computer or the internet.