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What interest rate would you use in the formula

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Today, you borrowed $15,000 at 4.5% compounded monthly and have agreed to pay off the loan by making equal bi-weekly payments over the next 4 years. Assume you were asked to find the amount of your bi-weekly payment using the annuity present value formula. What interest rate would you use in the formula?

Do not round intermediate calculations. Round the final answer to 2 decimal places.

Reference no: EM132798347

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