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Problem 9-41 Yield [LO9-4] If you borrow $9,331 and are required to pay back the loan...

Problem 9-41 Yield [LO9-4] If you borrow $9,331 and are required to pay back the loan in five equal annual installments of $2,850, what is the interest rate associated with the loan? Use Appendix D or a financial calculator to solve this problem. (Round your answer to the nearest whole percent.)

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Hence, Interest rate is 16%

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