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Find the interest rate of the loan expressed

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Reference no: EM132776223

Question - A loan is being repaid by 20 level annual payments of R, where R is three times the amount of interest that accrues during the first year. Find the interest rate of the loan expressed as an effective annual rate.

A. 2.048%

B. 2.548%

C. 3.048%

D. 3.548%

E. 4:048%

Reference no: EM132776223

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