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Do not copy from chegg- A loan of $1,000 is being repaid by equal annual installments over a 20 year period. If the total principal

Do not copy from chegg-

A loan of $1,000 is being repaid by equal annual installments over a 20 year period. If the total principal repaid during the first 10 years is $400, find the effective annual interest rate.

(A) 2.5% (B) 3.2% (C) 3.6% (D) 4.1% (E) 5.0%

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