Douglas needs to borrow 25600 today for his tuition bill, Financial Management

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Douglas needs to borrow 25600 today for his tuition bill

Douglas needs to borrow 25,600 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 29,683. If Douglas borrows the 25,600 from the bank, what interest rate is he paying on his loan?

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