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(10 pts.) You want to borrow $96,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,000

(10 pts.) You want to borrow $96,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,000 for the next 5 years. Given this information, what is the monthly interest rate the bank will charge on this loan?

All calculations must be shown for intermediate calculations.

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