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Question 11 A loan charges 9%, compounded monthly. It also charges an administration fee of 2% upfront. What is the effective annual cost of the

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Question 11 A loan charges 9%, compounded monthly. It also charges an administration fee of 2% upfront. What is the effective annual cost of the loan? a) 9.18% b) 9.38% c) 9.57% d) 9.84%

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