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The owner of DIY Truck Accessories provides loans at purchase time with payments every 3 months. When pressed for the effective annual rate, the number

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The owner of DIY Truck Accessories provides loans at purchase time with payments every 3 months. When pressed for the effective annual rate, the number 15.865% compounded quarterly was given. (a) Verify that the nominal annual rate is 15% as shown in Table 3.3. (b) Determine the effective quarterly rate

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