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3. The contractual rate on a 5 -year, $40,000 machinery loan is currently 8%. a. Calculate the effective rate, annual percentage rate and the actuarial

3. The contractual rate on a 5 -year, $40,000 machinery loan is currently 8%. a. Calculate the effective rate, annual percentage rate and the actuarial rate assuming fixed quarterly payments per year. b. Calculate the effective rate, annual percentage rate and the actuarial rate if annual payments are made

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