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You want to borrow $ 3 0 , 0 0 0 . For the loan to you must repay $ 1 1 0 0 every

You want to borrow $

30, 000 .

For the loan to you must repay $

1100

every quarter

(4

times per year

)

for the next

8

years plus $

8000

at the end of the

8

years. Based on this, what rate of interest are you paying?

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