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Forex Development Corp. would like to purchase a piece of property for $3.75 million. The firm is able to make a down payment of 15%

Forex Development Corp. would like to purchase a piece of property for $3.75 million. The firm is able to make a down payment of 15% in cash and will finance the balance. The firm can afford to make monthly payments of $25,000 for 22 years. What is the highest annual percentage rate they can afford on this loan?

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