What is the effective annual interest rate on the loan, Financial Management

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What is the effective annual interest rate on the loan

You borrow $25,000 from the bank and agree to repay the loan over the next 3-years in 36 equal monthly instalments of $800. However, the bank also charges you a loan initiation fee of $1,000, which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan, taking account of the impact of the initiation fee?

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