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Suppose you want to borrow $96,000 from the local bank to buy a new sailboat. You can afford to make monthly payments of $2,000 for

Suppose you want to borrow $96,000 from the local bank to buy a new sailboat. You can afford to make monthly payments of $2,000 for the next 5 years. Given this information, what is the monthly interest rate the bank will charge on this loan?

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