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Natali [406]
3 years ago
10

Zach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53. Determine the interest rate on

this loan, if the payments begin one year after the loan is signed.
Business
1 answer:
kotykmax [81]3 years ago
8 0
Thank you for posting you question here. I hope the answer will help. The interest rate on this loan if the payments begin one year after the loan is signed is 11%. Below is the solution:

N=6
PMT=4,727.53
PV=20,000
FV=0
I=?
<span>I=11%</span>
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