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A loan of R48400 is to be repaid by means of regular equal quarterly payments of R4550 starting one quarter after the loan is granted.

A loan of R48400 is to be repaid by means of regular equal quarterly payments of R4550 starting one quarter after the loan is granted. If the last payment is due three and a half years from now then the annual effective interest rate, as a percentage rounded to two decimal places, is equal to

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