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First Bank of Terlingua charges an APR of 7.95%, with monthly compounding, for a 3-year personal loan. You borrow $100,000. What is the effective annual

First Bank of Terlingua charges an APR of 7.95%, with monthly compounding, for a 3-year personal loan. You borrow $100,000. What is the effective annual rate that you are paying on this loan? Do not round at intermediate steps in your calculation. Report the rate in percent to two decimal places. Do not type the % symbol.

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