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Problem 8-18 Effective rate under different terms [LO8-2] If you borrow $6,100 at $510 interest for one year, what is your effective interest rate for

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Problem 8-18 Effective rate under different terms [LO8-2] If you borrow $6,100 at $510 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 Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments

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