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A bank loans a firm $15,000 at the beginning of Year 1 and requires repayment in the amount of $6,000 per year, at the end

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A bank loans a firm $15,000 at the beginning of Year 1 and requires repayment in the amount of $6,000 per year, at the end of each of the next three years. The loan is fully amortizing. What is the interest rate on the loan? Select one: a. 6.3% b. 9.7% c. 18.6% d. 4.9%

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