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2. A.) What is the effective annual rate for a 7% APR compounded quarterly? 7.19% 7.23% 7.25% 7.31% 7.39% B) What is the annual payment

2. A.) What is the effective annual rate for a 7% APR compounded quarterly?

7.19% 7.23% 7.25% 7.31% 7.39%

B) What is the annual payment on a 20-year fully amortized loan of $500,000 with an interest rate of 7%?

$33,607.85 $36,790.88 $40,121.29 $43,592.28 $47,196.46

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