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If you borrow $3 million for 7 months, calculate your annual effective rate of interest to 2 decimal places (i.e. 12.42% should be stated as

If you borrow $3 million for 7 months, calculate your annual effective rate of interest to 2 decimal places (i.e. 12.42% should be stated as 12.42) under the following terms:

  1. $250,000 interest payable at the beginning of the loan period ( discounted loan).

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