Question: Effective rate under different terms (LO2) If you borrow $5,300 at $400 interest for one year, what is your effective interest rate for the following

Effective rate under different terms (LO2) If you borrow $5,300 at $400 interest for one year, what is your effective interest rate for the following payment plans? Annual payment. b. Semiannual payments. Quarterly payments. d. Monthly payments. a. C

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