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four years ago john camacho took out a $50,000 10-year installment loan (annually payable and compounded). the loan had to be paid back in 10
four years ago john camacho took out a $50,000 10-year installment loan (annually payable and compounded). the loan had to be paid back in 10 equal annual installments of $5,138.53. the first installment was payable after one year, the last one after 10 years. what is the underlying interest rate? (in % p.a., one decimal place)
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