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Your cousin, Willie, has come to you and needs to borrow $4,500. He wants to pay you back by making payments every 6 months of

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Your cousin, Willie, has come to you and needs to borrow $4,500. He wants to pay you back by making payments every 6 months of $500 for 5 years. What interest rate are you making on your loan to Willie? Select one: a. Less than 4% b. Between 4% and 5% c. Between 5% and 6% d. Between 6% and 7% e. Greater than 7%

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