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can you please help me step by step formula , i dont understand they arrived to the answer Loan easy Ltd lends you R50 000

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can you please help me step by step formula , i dont understand they arrived to the answer

Loan easy Ltd lends you R50 000 today with terms and conditions to pay off the loan in forty-eight monthly instalments of R800 each. Calculate the effective annual interest rate the Loan easy Ltd is charging you? 1. 1.03% 2. 8.25% 3. 9.00% 4. 12.36%

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