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Newman Taylor is settling a $18,930 loan due today by making 6 equal annual payments of $4,094.85. Determine the interest rate on this loan, if

Newman Taylor is settling a $18,930 loan due today by making 6 equal annual payments of $4,094.85. Determine the interest rate on this loan, if the payments begin one year after the loan is signed. (Round answer to 0 decimal places, e.g. 8%.)

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