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The Needy Corporation borrowed $15,000 from Bank Ease.

The Needy Corporation borrowed $15,000 from Bank Ease. According to the terms of the​ loan, Needy must pay the bank $447 in interest every three months for the​ three-year life of the​ loan, with the principal to be repaid at the maturity of the loan. What effective annual rate​ (EAR) is Needy​ paying?

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