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Answers is provided please show the caluclations steps on how to get the answer Beverly Erickersen asks for a S15,000 loan for one year. The

image text in transcribed Answers is provided please show the caluclations steps on how to get the answer

Beverly Erickersen asks for a S15,000 loan for one year. The bank tells her that they will give her S13,050 immediately and deduct $1950 in interest up front. What is the effective rate of interest on this loan? Answer 14.94 percent

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