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20-21 both xx 20. A company borrows $33,210 from a bank today. They are to pay off this loan with ten annual payments of $4500.

20-21 both xx
20. A company borrows $33,210 from a bank today. They are to pay off this loan with ten annual payments of $4500. The first payment is to be made one year from today. Using linear interpolation, what is the nominal rate of interest, j, that the bank is charging on this loan? You are given: a10[05=7.7217a1006=7.3601,a10[07=7.0236 (A) 6.10j1 (B) 6.00%j1

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