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What is the nominal annual rate of interest compounded quarterly if a loan of $25,000 is repaid in seven years by payments of $2500 made

What is the nominal annual rate of interest compounded quarterly if a loan of $25,000 is repaid in seven years by payments of $2500 made at the end of every sixmonths?

The nominal annual rate of interest is ______ % compounded quarterly.

(Round to two decimal places asneeded.)

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