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1. You take out a 2-year, $5000 loan at 6% simple annual interest. The bank charges you an extra $100 service fee. Thinking of the

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1. You take out a 2-year, $5000 loan at 6% simple annual interest. The bank charges you an extra $100 service fee. Thinking of the fee as additional interest, what is the actual annual simple interest rate you will pay

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