Alan Taylor is settling a $21,580 loan due today by making 6 equal annual payments of...
Alan Taylor is settling a $21,580 loan due today by making 6 equal annual payments of $4,954.93.
Determine the interest rate on this loan, if the payments begin one year after the loan is signed.
Homework Answers
Let interest rate be x%
At this interest rate;present value of annual payments=21580
21580=4,954.93/1.0x+4,954.93/1.0x^2+..............+4,954.93/1.0x^6
Hence x=interest rate=10%(Approx).
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