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22. Zygo borrowed $1 million on a term loan to finance some equipment. The loan required 4 end-of- year equal payments of $348,821. What is

22. Zygo borrowed $1 million on a term loan to finance some equipment. The loan required 4 end-of- year equal payments of $348,821. What is the effective interest rate of this loan? a. 14.2% b. 14.5% c. 14.8% d. none of the above

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