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The RATE function calculates the interest rate per period for an investment or loan, given that you know the present value of the loan,

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The RATE function calculates the interest rate per period for an investment or loan, given that you know the present value of the loan, payment amount, and number of payment periods. In cell E11, calculate the interest rate for Loan Option 2 from the bank's perspective in which the payment is due at the beginning of the period.

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