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A loan of $20000 is paid over 5 years by monthly payments of $388. What is the nominal rate of interest on the loan? Assume

A loan of $20000 is paid over 5 years by monthly payments of $388. What is the nominal rate of interest on the loan? Assume interest is compounded semiannually. a. 7.5% b. 6.22% c. 2.47% d. 0.62%

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