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You have a loan of $5000 that you have to pay in 7 annual installments of $1100 each, the first one at the end of

You have a loan of $5000 that you have to pay in 7 annual installments of $1100 each, the first one at the end of the first year. What is the annual interest rate on the loan? In this problem we have to equate the present value of the loan, $5,000, to the present value of 7 payments, each one being $1,100. Show Steps.

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