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You just borrowed $ 6 1 , 7 7 3 . The loan requires regular quarterly payments of $ 1 , 9 4 0 for

You just borrowed $

61, 773 .

The loan requires regular quarterly payments of $

1, 940

for

47

quarters and a special payment of $

46, 100

47

quarters. The first regular payment will be made later today. What is the effective annual rate for the loan?

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