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1.) EFFECTIVE INTEREST RATE You borrow $90,000; the annual loan payments are $12,875.58 for 30 years. What interest rate are you being charged? Then suppose

1.) EFFECTIVE INTEREST RATE You borrow $90,000; the annual loan payments are $12,875.58 for 30 years. What interest rate are you being charged? Then suppose you could get a different loan for 90,000 with a monthly payment of $11,875.58 for 30 years. What interest rate are you being charged? Round to TWO decimal places for both problems.

Interest rate #1=

Interest rate #2=

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