Question

If you borrow $9,983 and are required to pay back the loan in five equal annual...

If you borrow $9,983 and are required to pay back the loan in five equal annual instalments of $2,500, what is the interest rate associated with the loan? (Use a Financial calculator to arrive at the answer. Round the final answer to the nearest whole number.)

Interest rate             %

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Answer #1

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SOLVED WITH BA II PLUS CALCULATOR

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