Question
A company has taken a loan. It borrowed $1,600 and will need to repay the lender $3,700 in a lump sum at the end of
A company has taken a loan. It borrowed $1,600 and will need to repay the lender $3,700 in a lump sum at the end of 7 years. The company would like to determine what interest rate it has been charged by its lender. What Excel entry would help the company answer this question?
Answer Choices:
a. RATE(7,-1600, 3700)
b. = RATE(7, 0, -1600, 3700)
c. = RATE(7, 0, 1600, 3700)
d. None of the above
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Finance For Non Financial Managers
Authors: Pierre Bergeron
6th Edition
0176501630, 9780176501631
