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A finance company offers a ''15% plan''. The cost of a one-year loan is 15%, and this cost is added to the loan. This total

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A finance company offers a ''15% plan''. The cost of a one-year loan is 15%, and this cost is added to the loan. This total is then divided by 12 to get the monthly payments. Calculate the effective interest rate being charged for a loan of $7,000. 15.00% per month 35.49%per year 26.62%per year 30.12%per year

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