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Please provide steps for the calculation of the rate of interest What is the nominal annual rate of interest compounded quarterly if a loan of

image text in transcribedPlease provide steps for the calculation of the rate of interest

What is the nominal annual rate of interest compounded quarterly if a loan of $21,000 is repaid in seven years by payments of $2000 made at the end of every six months? The nominal annual rate of interest is % compounded quarterly. (Round to two decimal places as needed.)

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