Question: On July 17, 2011, Tim McGraw borrowed $42,000 from his grandfather to open a clothing store. Starting July 17, 2012, Tim has to make 10

On July 17, 2011, Tim McGraw borrowed $42,000 from his grandfather to open a clothing store. Starting July 17, 2012, Tim has to make 10 equal annual payments of $6,500 each to repay the loan. Use a financial calculator to determine what interest rate Tim is paying.

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