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Quarter-end payments of $1,530 are made for 8 years to settle a loan of $33,360. What is the effective interest rate charged on this loan?

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Quarter-end payments of $1,530 are made for 8 years to settle a loan of $33,360. What is the effective interest rate charged on this loan? Full solutions should be shown on separate sheets of paper. Submit your solutions. % Round to two decimal places

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