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A person has applied for a six-month direct bank loan in the amount of $ 100,000....

A person has applied for a six-month direct bank loan in the amount of $ 100,000. The banking institution requires an interest of 1% per month, paid in advance, and the bank expenses incurred in obtaining this loan are $ 10,000. What is the annual effective interest that this person would pay if they accept the loan?
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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

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