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Edward borrowed some money from his parents. He is supposed to repay $30,000 today. However, Edward does not have enough money. His parents agree to
Edward borrowed some money from his parents. He is supposed to repay $30,000 today. However, Edward does not have enough money. His parents agree to extend the repayment due date to two years from today. But Edward will need to repay 32,000 instead. Calculate the interest rate p.a. compounded monthly if Edward can repay 32,000 in two years.
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