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Weathers Catering Supply, Inc. needs to borrow $150,000 for 6 months. Second Bank has offered an add-on installment loan with monthly payments. The interest rate

Weathers Catering Supply, Inc. needs to borrow $150,000 for 6 months. Second Bank has offered an add-on installment loan with monthly payments. The interest rate is 9%. What is the effective rate of interest on this loan?

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