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You take a loan of $ 1 0 , 0 0 0 ( financed for 2 4 months period ) . The lender quotes a

You take a loan of $10,000(financed for 24 months period). The lender quotes a nominal
interest rate of 8% for the first 12 months and a nominal rate of 9% for any remaining unpaid balance
after 12 months, both are compounded monthly. Based on this given scenario, what would be the
annual amount required to repay the loan back

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