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Brief Exercise 6-16 John Taylor is settling a $19,570 loan due today by making 6 equal annual payments of $4,625.89. Click here to view factor

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Brief Exercise 6-16 John Taylor is settling a $19,570 loan due today by making 6 equal annual payments of $4,625.89. Click here to view factor tables Determine the interest rate on this loan, if the payments begin one year after the loan is signed. (Round answer to O decimal places, e.g. 8%.) Interest rate

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