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For the following question, please show your work. Every number you get, show how you got it. And please make everything as clear as possible.

For the following question, please show your work. Every number you get, show how you got it. And please make everything as clear as possible. Thanks in advance.

3. Calculate the effective annual interest rate on the following loan? Set up the IRR formula using summation notation. (20 pts)

Loan amount: $100,000 Term: 10 years Discount Points: 2 Payments: Annual Interest Rate: 7% (annual)

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