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Matt made a 5 year loan of $22,000 for his MBA education. For the loan, Matt has to make $500 monthly payment starting in a

Matt made a 5 year loan of $22,000 for his MBA education. For the loan, Matt has to make $500 monthly payment starting in a month for 60 months. What interest rate is stated on the loan contract?

9.30%

12.95%

11.28%

14.74%

16.88%

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