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Your classmate offers to loan you money to start a business. You will receive $60,000 today. You are required to make payments of $5,000 each

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Your classmate offers to loan you money to start a business. You will receive $60,000 today. You are required to make payments of $5,000 each year for 20 years. What interest rate is your classmate offering you on this loan? Maximum number of characters (including HTML tags added by text editor): 32,000 Show Rich-Text Editor (and character count)

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