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Effective Rate of Interest A mortgage company offers to lend you $85,000; the loan calls for payments of $8,926.6 at the end of each year

Effective Rate of Interest

A mortgage company offers to lend you $85,000; the loan calls for payments of $8,926.6 at the end of each year for 30 years. What interest rate is the mortgage company charging you? Round your answer to two decimal places.

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