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If a $10,000 loan charges a $200 service fee at the outset and an interest rate of 6%, compounded semi-annually, what is the effective cost

If a $10,000 loan charges a $200 service fee at the outset and an interest rate of 6%, compounded semi-annually, what is the effective cost of the loan? Round to two decimals.

Select one: a. 6.21% b. 5.97% c. 6.09% d. 6.23%

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