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Please show step by step and do not use excel or typing!! ThANKS! Jack repays...

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Finance

Please show step by step and do not use excel or typing!! ThANKS!

Jack repays his loan in 16 level annual installments. The first payment is at the end of the first year. The principal portion of the 9th payment is $65.85 and the interest portion is $22.21. Calculate the effective annual interest rate being paid on the loan.

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