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What is the nominal rate of interest if a six-year loan of $71 000.00 is repaid by monthly payments of $1701.58? round to 2 decimal

What is the nominal rate of interest if a six-year loan of $71 000.00 is repaid by monthly payments of $1701.58? round to 2 decimal places

(Ordinary simple annuity finding the periodic rate of interest of an annuity) section

Clarifications on steps within this equation please

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