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On july 172008 tim mcgraw borrowed 42000 from his

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On July 17,2008, Tim McGraw borrowed $42,000 from his grandfater to open a clothing store. Starting July 17, 2009, Tim has to make 10 equal annual payments of $6,500 each to repay the loan. Determine what interest rate Tim is paying.

Reference no: EM13600171

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