Question: If you borrow $5,300 at $400 interest for one year, what is your effective interest rate for the following payment plans? a. Annual payment. b.

If you borrow $5,300 at $400 interest for one year, what is your effective interest rate for the following payment plans?
a. Annual payment.
b. Semiannual payments.
c. Quarterly payments.
d. Monthly payments.

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