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22-03-2024
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Consider the following monthly amortization schedule:
Payment Payment Interest Debt Payment Balance
1 1.167.34 540.54 626.80 259,873.20
2 1,167.34 539.24 628.10 259,245.10
3 1,167.34 x y z
With the exception of column one, all amounts are in dollars. Calculate the annual interest rate on this loan.

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