Interest on a twelve-month installment loan is to be calculated using
Interest on a twelve-month installment loan is to be calculated using the add-on method. If the purchased to be financed is $1,000 and the add-on rate is 6%, then your monthly payment is about
A)
$76.67.
B)
$86.07.
C)
$88.33.
D)
$88.65.
ANSWER
C
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