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Up-Front Bank uses discount loans for all its customers who want one-year loans. Currently, the bank is providing one-year discount loans at 7.9%. What is

Up-Front Bank uses discount loans for all its customers who want one-year loans. Currently, the bank is providing one-year discount loans at 7.9%.

What is the effective annual rate on these loans?

If you were required to repay $255,000 at the end of the loan for one year, how much would the bank have given you at the start of the loan?

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