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You have just taken out a loan for a PV of $10,000. The term is 8 years, with a quarterly payment of $395. Calculate the

You have just taken out a loan for a PV of $10,000. The term is 8 years, with a quarterly payment of $395. Calculate the quarterly interest rate using the "RATE" function.

However, most interest rates are quoted as "Annual Percentage Rates" or APR. What is the APR? Using the "EFFECT" function, what is the "Effective annual interest rate" EAR?

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