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Posted on Aug 12, 2024

What is the effective interest rate for a 1 0 - year, 1 0 0 , 0 0 0 loan whose annual rate is 1

What is the effective interest rate for a

10 -

year,

100, 000

loan whose annual rate is

12 % ?

Assume semi

-

annual compounding, with repayments being monthly.

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