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Tim took a loan of 200000 to buy an apartment in the downtown. The bank offered the loanwith an APR of 16% compounded quartely payable

Tim took a loan of 200000 to buy an apartment in the downtown. The bank offered the loanwith an APR of 16% compounded quartely payable in 25 annual installments.

Compute the effective interest rate per payment period.

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