Question: John, a college student, needs to borrow $5,000 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment five

John, a college student, needs to borrow $5,000 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment five years from now, after he is out of college. The bank states that the payment will need to be $7,012.76. If John borrows the $5,000 from the bank, what interest rate is he paying on his loan

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