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If you borrow $7,000 at $500 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as

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If you borrow $7,000 at $500 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.) Effective Rate of Interest a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments % %

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