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On a one year loan of $ 1 0 ' 0 0 0 , a bank charges interest at 9 . 1 0 percent. The

On a one year loan of $10'000, a bank charges interest at 9.10 percent. The bank also charges an application fee of $95 to cover processing expenses. What is the effective interst cost (annual rate) being paid by the borrower?

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