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Posted on Sep 20, 2024

A 2 0 year loan of $ 1 0 , 0 0 0 is repaid with annual payments of $ 7 5 0 at the

20

year loan of $

10, 000

is repaid with annual payments of $

750

at the beginning of each year. The effective annual interest rate is i

= . 04

for the first ten years. Find the effective annual interest rate for the last ten years.

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