What is the effective annual cost of the two loans in, Financial Management

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What is the effective annual cost of the two loans in

Jade Mara needs to find the effective cost of the following two loans: (1) a $200,000 loan at 12 percent for 20 years and (2) a $50,000 loan at 14 percent for 20 years. The loans require monthly payments and are fully amortizing. What is the effective (annual) cost of the two loans in percent?

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