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Effective Rate of Interest A mortgage company offers to lend you $85,000; the loan calls for payments of $8,347.06 at the end of each year

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Effective Rate of Interest A mortgage company offers to lend you $85,000; the loan calls for payments of $8,347.06 at the end of each year for 30 years. What interest rate is the mortgage company charging you? Do not round Intermediate calculations. Round your answer to two decimal places

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