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South Penn Trucking is financing a new truck with a loan of $100,000 to be repaid in monthly installments of $2,075.84 over a 5 year

South Penn Trucking is financing a new truck with a loan of $100,000 to be repaid in monthly installments of $2,075.84 over a 5 year period. What annual interest rate is the company paying?

a. 7.5%

b. 8.0%

c. 9.0%

d. 10.0%

e. 11.5%

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