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Tim just borrowed $79000 to buy a house. The terms of the loan require him to make equal regular quarterly payments for eight years plus

Tim just borrowed $79000 to buy a house. The terms of the loan require him to make equal regular quarterly payments for eight years plus an extra payment of $5500 in eight years. His first regular quarterly payment is due in three months. If his regular quarterly payment is $3549.15 then what is the EAR of his loan?

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