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You are taking out a loan of $8,800. The loan term is 7 years and payments are made monthly. I can pay $152.50 per

You are taking out a loan of $8,800. The loan term is 7 years and payments are made monthly. I can pay $152.50 per month, of which 2.5% is tax. What would the interest rate (monthly) be for this loan? NB: Use xx.xxxx (four decimals) format to anser the question.

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