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skelet666 [1.2K]
2 years ago
5

Consolidated Freightways is financing a new truck with a loan of $60,000 to be repaid in six annual end-of-year installments of

$13,375. What annual interest rate is Consolidated Freightways paying
Business
1 answer:
Sidana [21]2 years ago
3 0

Answer:

9%

Explanation:

Calculation to determine What annual interest rate is Consolidated Freightways paying

Based on the information given we would be using Financial calculator to determine the ANNUAL INTEREST RATE

PV= $60,000

PMT= -$13,375

N= 6

I/Y=?

Hence:

I/Y = 9%

Therefore annual interest rate that Consolidated Freightways is paying will be 9%

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