Your brother, a banker, has just approved a loan for you, an add-on interest loan. You will borrow $2,000 for one year with a 12% annual interest rate. What is your monthly payment?
A) $166.67
B) $186.67
C) $240.00
D) $256.78
E) None of the above
Answer: B
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Indicate whether the statement is true or false
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Answer the following statement true (T) or false (F)
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