Question: Use the add-on method for determining interest on a loan of $1230, with an annual rate of 7% and a term of 3 years. Then,

Use the add-on method for determining interest on a loan of $1230, with an annual rate of 7% and a term of 3 years. Then, determine the annual interest rate during the last month of the loan.

During the last month of the loan, the annual interest rate is %?

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