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A loan of $20 000 is paid over 5 years by monthly payments of $388. What is the nominal rate of interest on the loan?

A loan of $20 000 is paid over 5 years by monthly payments of $388. What is the nominal rate of interest on the loan?
Question 5 Select one:
A.
7.5%
B.
6.14%
C.
0.625%
D.
2.47%
E.
0.089%

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