If your bank gives you a $2,000 loan at 8% per year, but deducts the interest in advance, is 8% the "real" rate of interest that you will pay?
a. Yes.
b. No. The interest rate is actually lower than 8 percent.
c. No. The interest rate is actually higher than 8 percent.
d. There is not enough information to answer this question accurately.
c
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