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Your favorite bank is offering to lend $10,000 to you with the agreement to make monthly payment of $250 over 4 years. What is the

Your favorite bank is offering to lend $10,000 to you with the agreement to make monthly payment of $250 over 4 years. What is the effective annual rate the bank is charging you? If you agree to borrow $10,000 with the above payment schedule, what would be the loan balance at the end of year 1.

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