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A farmer takes out an operating loan of $5,000. The loan will be repaid in four quarterly payments of $1,310. What is the annual percentage

A farmer takes out an operating loan of $5,000. The loan will be repaid in four quarterly payments of $1,310. What is the annual percentage rate on the loan?

a.
9.99%

b.
5.67%

c.
1.90%

d.
7.61%

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