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You own an oilfield equipment repair shop. You need to spend $80,000 to replace the equipment in your shop. You would like to borrow this

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You own an oilfield equipment repair shop. You need to spend $80,000 to replace the equipment in your shop. You would like to borrow this amount and repay the loan over five years in equal monthly installments of $2,000. Assuming that the bank quotes a fixed APR, compounded monthly, what APR corresponds to this repayment schedule? O 13.025% 0 14.390% 04.889% 0 17.274% 0 7.921%

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