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Find the annual effective cost rate for a loan of S/1000.00 that charges a TEA of 40%, for one year. Also charged, at the time

Find the annual effective cost rate for a loan of S/1000.00 that charges a TEA of 40%, for one year. Also charged, at the time of disbursement, is a commission of 0.5% of the loan and 1.5% of the loan for insurance, in addition, a shipping fee of S/20.00 per year is charged.

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