The CPI Was 220 in 2012 and 231 in 2013

question 17

Multiple Choice

The CPI was 220 in 2012 and 231 in 2013.Phil borrowed money in 2012 and repaid the loan in 2013.If the nominal interest rate on the loan was 10 percent,then the real interest rate was

• A)-5 percent.
• B)-1 percent.
• C)5 percent.
• D)3.2 percent.

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