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William Conqueror has applied for a loan of $90,000 to finance the purchase of a...

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William Conqueror has applied for a loan of $90,000 to finance the purchase of a new business. The bank will require him to make annual payments of $10,850 at the end of each of the next 18 years. Determine the interest rate in effect on this loan Select one: a. 9.65% b. 9.82% c. 10.38% d. 8.51% e. 8.15%

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