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Thelma has not budgeted wisely. As a result, she needs a quick loan from Louise. Thelma needs $2,400 and Louise has agreed to lend the

Thelma has not budgeted wisely. As a result, she needs a quick loan from Louise. Thelma needs $2,400 and Louise has agreed to lend the $2,400 if Thelma makes one payment to Louise in the amount of $3,000, to be paid four months from now. What is the EAR on this loan?

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