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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 2 decimals Select one: a) 6.23% b) 6.21% c) 5.97% d) 6.09%

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