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Today, you borrowed $20,000 at 5.5% with quarterly compounding. You have agreed to pay off the loan over 5 years by making equal weekly payments.
Today, you borrowed $20,000 at 5.5% with quarterly compounding. You have agreed to pay off the loan over 5 years by making equal weekly payments. If you were solving for your unknown weekly payment amount using the annuity present value equation, what interest rate would you use? (Hint: You don't actually need to solve for your unknown payment amount.)
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