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You are currently borrowing $12,000 and will repay it in 6 yearsby making equal payments of $620.00, at the end of every threemonths form the date of borrowing. What nominal annual interest areyou paying on your loan?a. 31.9865%b. 7.8748%c. 1.9687%d. 7.0634%e. 7.1904%
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