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You've run out of money for college, and your college roommate has an idea for you. He offers to lend you $ 1 5 ,

You've run out of money for

college, and your college roommate has an idea for you. He offers to lend you

15, 000,

for which you will repay him

42, 798

at the end of

8

years. If you took this

loan, what interest rate would you be paying on

?

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