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Case 3: A loan of $719,000 was made today by a new customer. The customer...

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Case 3: A loan of $719,000 was made today by a new customer. The customer has decided to make quarterly repayments of $56990 at the start of each quarter for the forseeable future. After 1 year, the loan outstanding turns out to be $698455.231811 (note that only 4 repayments are made). Calculate the interest rate for this loan, expressed as a nominal annual rate compounding quarterly, Give your answer as a percentage, to 4 decimal places. (1mark)

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