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End-of-month payments of $1,540 are made to settle a loan of $131,840 in 8 years. What is the effective interest rate? 0.35.16% O 0.24% O

End-of-month payments of $1,540 are made to settle a loan of $131,840 in 8 years. What is the effective interest rate? 0.35.16% O 0.24% O 2.93% O 4.21%

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