Question: Red the following problem: You are given a loan with an interest rate of 7% compounded bi-monthly. If the institution decided to deduct 3% from

Red the following problem: You are given a loan with an

Red the following problem: You are given a loan with an interest rate of 7% compounded bi-monthly. If the institution decided to deduct 3% from the effective interest rate, calculate the new interest rate compounded bi-monthly. The new interest rate compounded bi-monthy is a. Equal to 4% b. Greater than 4% C. Les than 4%

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