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What is the effective annual interest rate on a $10,000 loan that charges 5% interest, compounded quarterly, and a $300 administration fee up-front? A 5.25%

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What is the effective annual interest rate on a $10,000 loan that charges 5% interest, compounded quarterly, and a $300 administration fee up-front? A 5.25% B 4.94% 5.09% D 4.92%

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