If you borrow $10,455 and are required to pay back the loan in five equal annual...
If you borrow $10,455 and are required to pay back the loan in five equal annual installments of $2,550, 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.)
Homework Answers
| Interest rate | = | =RATE(nper,pmt,-pv) |
| = | 7% | |
| Where, | ||
| nper | Number of period | 5 |
| pmt | Annual payment | $ 2,550 |
| pv | Loan amount | $ 10,455 |
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