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A college student wishes to purchase a new car. In order to pay for the vehicle, the student borrows $14,000 from his parents today (beginning

A college student wishes to purchase a new car. In order to pay for the vehicle, the student borrows $14,000 from his parents today (beginning of the current year). Starting at the end of the current year, he must make 6 equal annual payments of $2,600 each. What interest rate is the student paying his parents?

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