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What interest rate is he paying on the loan

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Problem 1: Bob, a university student, needs to borrow $5,000 for his tuition bill. He agrees to pay back the loan in one lump-sum payment five years from from now, after he is out of school. The bank says that the payment has to be $7,012.76 If Bob borrows the $5,000 from the bank, what interest rate is he paying on his loan?

Reference no: EM132960802

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