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Loan terms ( 1 0 points ) a ) The Bank of Burlington has offered you a loan for $ 5 , 0 0 0

Loan terms

(10

points

)

)

The Bank of Burlington has offered you a loan for $

5, 000 .

They ask that you pay them $

6, 000

2

years, which reflects their standard interest rate. What is the interest rate on this loan? Show your work.

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