The Magic Pumpkin Limousine Company wants to purchase a car entertainment system for one of its…

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The Magic Pumpkin Limousine Company wants to purchase a car entertainment system for one of its automobiles. The entertainment system vendor has offered to finance the $2,000 purchase over one year in 12 installments, with a total of $200 in interest to be paid on the loan. What is the effective rate on this loan?

a. 18.5%

b. 19%

c. 19.5%

d. 18%

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