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What is the effective interest rate for the loan

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Reference no: EM131623335

Question: 1. Ross Land has a loan of $8,500 compounded quarterly for four years at 6%. What is the effective interest rate for the loan? Use the table method.

2. What is the effective interest rate for a loan of $20,000 for three years if the interest is compounded quarterly at a rate of 12%?

Reference no: EM131623335

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