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5. Calculate the effective annual interest rate on the following loan. for full credit set up the IRR formula using summation notation. (20 pts) Loan

5. Calculate the effective annual interest rate on the following loan. for full credit set up the IRR formula using summation notation. (20 pts) Loan amount: $100,000 Term: 10 years Discount Points: 2 Payments: Annual Interest Rate: 7% (annual)

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