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13. Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of

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13. Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $320.00 at the end of each quarter and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan? A. 12.62% B. 12.35% C. 13.43% D. 15.71% E. 13.83%

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