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Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $200.00

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Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $200.00 at the end of each quarter and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan? 6.43% 0 7.75% 7.09% 6.84% 8.24%

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