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A loan of $2 000 is paid over 5 years by monthly payments of $38. What is the nominal rate of interest on the loan?

A loan of $2 000 is paid over 5 years by monthly payments of $38. What is the nominal rate of interest on the loan? A. 5.28% B. 6.14% OC.4.84% OD. 7.5%

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