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The Restaurant Biz borrowed $80,000 at 7% annual rate of interest and was to pay back the instalment loan in monthly payments over 2 years.

The Restaurant Biz borrowed $80,000 at 7% annual rate of interest and was to pay back the instalment loan in monthly payments over 2 years. What is the effective annual rate of interest? (Calculate using the number of months in one year, as it is an annual rate.)

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