The U.S.-style "I'll do whatever it takes to get your business" has proven to be a successful selling approach throughout the world

Of the following statements, if any, which is correct concerning the relationship between the effective interest rate and a nominal interest rate:

a. the effective interest rate is the rate actually paid by the borrower for the use of the money. The nominal interest rate is the rate specified in the note. b. the effective interest rate is the rate the buyer will pay. The nominal rate is the rate named in the loan application. c. the effective interest rate is always lower because the nominal interest rate includes charges other than interest. d. none of the above

Most SBIC loans are between $10,000 and $50,000 and the loan term is longer than most banks allow

Indicate whether the statement is true or false.