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You borrow $80,000 to purchase a town house. The loan is for 25 years, and the annual payment is $7,494.30 which covers the interest and

You borrow $80,000 to purchase a town house. The loan is for 25 years, and the annual payment is $7,494.30 which covers the interest and annual principal repayment. What is the rate of interest on the loan?

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