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Q2; Your firm is considering an one-year loan options for a $568,794 loan. The loan...

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Finance

Q2; Your firm is considering an one-year loan options for a $568,794 loan. The loan carries fees of 2.2% of the loan amount and charges interest of 6.71% of the loan amount. What is the true interest rate of the loan?

NOTE: Answer in percentages. If your answer is 0.0204, you must answer 2.04. Do not use the "%" sign.

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