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Herman Hermann is financing a new boat with an amortizing loan of $24,000, which is to be repaid in 10 annual installments of $3,576.71 each.

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Herman Hermann is financing a new boat with an amortizing loan of $24,000, which is to be repaid in 10 annual installments of $3,576.71 each. What interest rate is Herman paying on the loan? Round your answer to the nearest whole number percent figure

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