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You have a loan where you are being charged an effective annual rate of interest of 26.9%. You make payments on the loan two times

You have a loan where you are being charged an effective annual rate of interest of 26.9%. You make payments on the loan two times a month. Therefore you make 24 payments per year. What is the effective periodic rate of interest (effective twice a month rate) that you are being charged? Your answer should be shown as a percentage and it should be accurate tofour (4)decimal places.

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