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1. Venus Inc. recently borrowed $750,000 from its bank at a simple interest rate of 10 percent. The loan is for six months and, according

1. Venus Inc. recently borrowed $750,000 from its bank at a simple interest rate of 10 percent. The loan is for six months and, according to the loan agreement, the interest should be added to the amount borrowed and the total amount to be repaid in monthly installments. The loan's effective annual rate (EAR) is

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