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Your father loans you $12,000 to make it through your senior year. His repayment schedule requires payments of $1,401.95 at the end of year for

Your father loans you $12,000 to make it through your senior year. His repayment schedule requires payments of $1,401.95 at the end of year for the next 15 years.

What interest rate is he charging you? A) 7.5% B) 8.0% C) 7.0% D) 8.5%

Please show work and formula used. Thank you so much!

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