A mortgage company offers to lend you 85000 the loan calls, Financial Management

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A mortgage company offers to lend you 85000 the loan calls

Effective Rate of Interest

A mortgage company offers to lend you $85,000; the loan calls for payments of $8,391.23 at the end of each year for 30 years. What interest rate is the mortgage company charging you? Round your answer to two decimal places.

________ %

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