Question: Today, you borrowed $30,000 at 7.5% with weekly compounding. You have agreed to pay off the loan over 7 years by making equal quarterly payments.

Today, you borrowed $30,000 at 7.5% with weekly compounding. You have agreed to pay off the loan over 7 years by making equal quarterly payments. If you were solving for your unknown quarterly payment amount using the annuity present value equation, what interest rate would you use? (Hint: don't actually need to solve for your unknown payment amount.) Please do not round intermediate calculations. Round final answer to two decimal places

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