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The Cost U Loan Company is willing to lend you $1,000 today. The loan is to be paid off in twenty equal annual installments of

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The Cost U Loan Company is willing to lend you $1,000 today. The loan is to be paid off in twenty equal annual installments of $100 each, beginning one year from today. What is the interest rate from Cost U Loan Company? 5.77% 7.75% Both are correct Neither is correct

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