Please solve this and show all your work Abe is...
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Abe is offered a loan of $33,500 that requires 60 monthly payments of $705.20. What is the effective annual interest rate on this loan? (Round intermediate colculations to 5 decimal ploces, 8.5.12534% and final answer to 2 decimal ploces, e., 25.12\%.) What would the quoted rate be? (Round answer to 2 decimal places, eg. 25.12\%. Do not round your intermediate calculations.)
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