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Problem 8-18 Effective rate under different terms (LO8-2] If you borrow $7,000 at $690 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 $7,000 at $690 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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