Quarter end payments of $ 1 , 4 2 0 are made to settle a loan of $ 2 9 , 6 4 0 in 8 years What is the effective interest rate

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Quarter - end payments of $ 1 , 4 2 0 are made to settle a loan of $ 2 9 , 6 4 0

Quarter

-

end payments of $

1, 420

are made to settle a loan of $

29, 640

8

years. What is the effective interest rate?

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