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Larry has decided to take out a loan for college. He expects to graduate 5 years and 6 months later and payments begin 3 months

Larry has decided to take out a loan for college. He expects to graduate 5 years and 6 months later and payments begin 3 months after graduation. He borrowed $6,000 from a federal student loan program at a 7.5% interest rate. What will his monthly interest rate be? Assume 30-day months.

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