Answer:
B. 12%
Explanation:
Given - If the monthly finance charge on a loan is 1%
To find - The A.P.R. on that loan would be
1 year = 12 months
Given that, monthly finance charge = 1%
So,
Cumulatively,
Annual Percentage rate (APR) = 12×1% = 12%
So,
The correct option is - B. 12%
