Computation of EAR of Firm Three-month loan:

Value of the loan after 3 months = $750,000 * (1 + (8%/4))
= $750,000 * (1 + 2%)
= $765,000

Amount of loan deposited in the interest bearing account = Loan Amount * Interest Rate
= $750,000 * 10%
= $75,000

Interest earned = $75,000 * (1%/4)
= $75,000 * 0.25%
= $187.50

Effective loan value after three months = Value of the loan after 3 months - Interest earned
= $765,000 - $187.50
= $764,812.50 

EAR = ($764,812.50/$750,000)^4 - 1 = 8.14%

Effective Payment = Effective loan value after three months - Loan amount
= $764,812.50 - $750,000
Effective Payment = $14,812.50