16.02%
16.28%
16.32%
16.47%
Answer is Wrong!
Answer is Right!
The correct answer is $\boxed{\text{B) 16.28%}}$.
The effective interest rate is the actual rate of interest paid on a loan, taking into account both the interest rate and any fees or other charges. In this case, the effective interest rate is higher than the stated interest rate of 14% because the interest is deducted from the principal amount before the loan is disbursed. This
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