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CAN YOU EXPLAIN CLEARLY? The Lucky Loan Company will lend you $10,000 today with terms that require you to pay off the loan in thirty-six

CAN YOU EXPLAIN CLEARLY?

The Lucky Loan Company will lend you $10,000 today with terms that require you to pay off the loan in thirty-six monthly installments of $500 each. What is the effective annual rate of interest that the Lucky Loan Company is charging you?

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