What is the annual interest rate on an $8,000 loan if the interest payments are $80 per quarter on the full amount?
A. 4%
B. 5%
C. 6%
D. 8%
Answer: A. 4%
Solution: $80 per quarter X 4 = $320 annual interest $320 / $8,000= .04 or 4% annual interest rate ID: 37017
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