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You have borrowed $135,000 from the bank today. You are required to repay thismoney over the next six years by making monthly payments of $2,215.10

You have borrowed $135,000 from the bank today. You are required to repay thismoney over the next six years by making monthly payments of $2,215.10 at the end of

each month. What is the quotedinterest rate for the loan (with monthly compounding)?

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