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Assume that today you borrowed $30,000 at 4.25% compounded monthly and will pay off the loan with equal monthly payments over the next 7 years.

Assume that today you borrowed $30,000 at 4.25% compounded monthly and will pay off the loan with equal monthly payments over the next 7 years. If you were asked to solve for your monthly payment amount using the annuity present value formula, what interest rate would you input into the formula?

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