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Dalton loaned $550,000 to Doc Holliday on August 24. On February 8 of the following year, Doc paid to Dalton the $65,000 interest that had

Dalton loaned $550,000 to Doc Holliday on August 24. On February 8 of the following year, Doc paid to Dalton the $65,000 interest that had accumulated on the debt up to that time. What simple rate of interest was Dalton charging on this loan?

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