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You borrow $55,000; the annual loan payments are $5,834.36 for 30 years. What interest rate are...

You borrow $55,000; the annual loan payments are $5,834.36 for 30 years. What interest rate are you being charged? Round your answer to two decimal places.

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Homework Answers

Answer #1

- Amount borrowed = $55,000

Annual Loan Payment = $5834.36

Calculating the Annual Interest rate being chared using excel "rate" function:-

So, Annual Interest rate is 10.00%

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