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Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months. What is the effective annual interest rate for the loan? Round to two decimal places.
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Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months. What is the effective annual interest rate for the loan? Round to two decimal places.

User Knoothe
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5 votes
The answer should be $16
User Timothyzhang
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