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A loan has quarterly payments. The APR is 22%, and interest is compounded 12 time(s) per year. Calculate the effective interest rate that would be

A loan has quarterly payments. The APR is 22%, and interest is compounded 12 time(s) per year. Calculate the effective interest rate that would be needed to find the payment amount for the loan. Enter your interest rate in decimal format, rounded to 4 decimals (ex: for 4.56789% you would enter .0457).

***0.056 is the correct given answer I would like to know how with steps please

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