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A loan of S10 000 is paid over 5 years by monthly payments of $208. What is the nominal rate of interest on the loan?

A loan of S10 000 is paid over 5 years by monthly payments of $208. What is the nominal rate of interest on the loan? O A 7.9% 8.8.3% OC.4.9% OD. 9.09%

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