What is the effective yearly interest rate that you will be, Financial Management

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What is the effective yearly interest rate that you will be

Thumbscrews Loan and Jewelry Company offers to loan you $50,000. The terms of the loan specify that you will pay $7, 771.22 to Thumbscrews at the end of every 4 month period, and this will continue for a total of 8 years.

What is the effective yearly interest rate that you will be paying to Thumbscrews if you accept this loan?

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