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This Question: 1 pt 1 6 of 10 (0 complete) What is the nominal annual rate of interest compounded quarterly if a loan of $21,500

This Question: 1 pt 1 6 of 10 (0 complete) What is the nominal annual rate of interest compounded quarterly if a loan of $21,500 is repaid in seven years by payments of $1000 made at the end of every three months? The nominal annual rate of interest is % compounded quarterly. (Round to two decimal places as needed.)

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