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(2) Calculate the effective annual rate on each of the following loans: a. $5,000 loan for 2 years, 10 percent simple annual interest, paid in

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(2) Calculate the effective annual rate on each of the following loans: a. $5,000 loan for 2 years, 10 percent simple annual interest, paid in 24 equal monthly installments. b. $5,000 loan for 2 years, 10 percent add-on interest, paid in 24 equal monthly installments c. $5,000 to be repaid at the end of 2 years, 10 percent discount rate

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