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In addition the bank will charge you a monitoring fee of

You’ve taken out a 4-year term loan with another bank for $100,000 at a 6% annual rate of interest.You must make a payment of $28,859 at the end of each of the next four years. In addition, the bank will charge you a monitoring fee of $250 per month (or $3,000 per year).What is the effective rate of interest on this loan?

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