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View Policies Current Attempt in Progress Toronto Skaters Company is being offered a one-year variable rate loan at a rate of prime +0.75%. The

View Policies Current Attempt in Progress Toronto Skaters Company is being offered a one-year variable rate loan at a rate of prime +0.75%. The loan is to be paid in quarterly installments and there are no other fees associated with it. The prime lending rate is currently 6% compounded quarterly. What is the effective annual cost of this loan? 6.75% O 6.14% 6.92% 6%

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