Question: *** Please solve this question by hand using annuity formulas and NOT by software or calculator. I will give thumbs up for clear and easy

*** Please solve this question by hand using annuity formulas and NOT by software or calculator. I will give "thumbs up" for clear and easy to follow solution. Thank you!***

*** Please solve this question by hand using annuity formulas and NOT

*** Please solve this question by hand using annuity formulas and NOT by software or calculator. I will give "thumbs up" for clear and easy to follow solution. Thank you!***

A loan of 1000 is repaid with 12 annual payments of 100 each starting one year after the loan is made. The effective annual in- terest rate is 3.5% for the first 4 years. Find the effective annual interest rate i for the final 8 years

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