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Question 10 [1 Mark] The owner of a small business borrowed $70,000 with an agreement to repay the loan with yearly payments over a three

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Question 10 [1 Mark] The owner of a small business borrowed $70,000 with an agreement to repay the loan with yearly payments over a three year time period. If the interest rate is 2% per month compounded yearly, (a) What is the annual effective rate? (b) What is the loan payment that should be made per year

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