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Mr. Smith has borrowed $20,000 from the bank to start his small book-keeping business. He has arranged with the bank to pay $250 per month

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Mr. Smith has borrowed $20,000 from the bank to start his small book-keeping business. He has arranged with the bank to pay $250 per month for the next 10 years. What is the monthly interest rate on this loan? Multiple Choice 9.23% 8.69% 1.25% 0.87% 0.72%

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