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The flemings secure a loan of $100,000 from bank to finance the purchase of a house. They have agreed to repay the loan in equal

The flemings secure a loan of $100,000 from bank to finance the purchase of a house. They have agreed to repay the loan in equal monthly installments of $1053 over 25 yr. The bank charges interest at the rate of 12r/year on the unpaid balance, and interest computations are made at the end of each month. Find r.

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