Question: The effective rate on a $ 2 0 , 0 0 0 installment loan with quarterly payments and $ 2 , 0 0 0 in

The effective rate on a $20,000 installment loan with quarterly payments and $2,000 in total interest for two years is approximately
Multiple Choice
16%
7.4%
29.5%
8.9%
The effective rate on a $20,000 installment loan with quarterly payments

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