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Your company requested a loan for which you paid a total amount of $ 8,420,889. The amount of interest paid equals 45% of the total

Your company requested a loan for which you paid a total amount of $ 8,420,889.

The amount of interest paid equals 45% of the total amount.

The term requested for the loan was 3.5 years.

Calculate the monthly interest rate your company paid. Consider simple interest

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