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Problem 8 - 1 8 ( Algo ) Effective rate under different terms [ LO 8 - 2 ] If you borrow $ 7 ,

Problem 8-18(Algo) Effective rate under different terms [LO8-2]
If you borrow $7,300 at $800 interest for one year, what is your effective interest rate for the following payment
Note: Input your answers as a percent rounded to 2 decimal places.
\table[[,\table[[Effective Rate of],[Interest]]],[a. Annual payment,,%
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