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5-16: Comparing Interest Rates Effective interest rate You borrow $315,000; the annual loan payments are $39,105.25 for 30 years. What interest rate are you being

5-16: Comparing Interest Rates Effective interest rate You borrow $315,000; the annual loan payments are $39,105.25 for 30 years. What interest rate are you being charged? Round your answer to two decimal places

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