The Spendit Corporation borrowed $10,000 from Bank Ease. According to the terms of the loan, Spendit must
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The Spendit Corporation borrowed $10,000 from Bank Ease. According to the terms of the loan, Spendit must pay the bank $400 in interest every three months for the three-year life of the loan, with the principal to be repaid at the maturity of the loan. What effective annual rate is Spendit paying?
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