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Calculate the effective annual rate

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Reference no: EM13882971

Calculate the effective annual rate on each of the following loans:

a. A $ 5,000 loan for two years, 10 percent simple annual interest, with principal repayment at the end of the second year

b. A $ 5,000 loan for two years, 10 percent add on interest, paid in 24 equal monthly installments

c. A $ 5,000 loan to be repaid at the end of two years, 10 percent discount rate

Reference no: EM13882971

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