A loan of $$25,000$ is to be repaid by thirty$-$three end$-$of$-$month payments. The first payment is $$700$ and then each payment is $$25$ more than the previous payment. Find the annual

yield rate correct to the nearest hundredth of a percent. $[$HINT: The Cash Flow worksheet only accepts twenty$-$four payments, or thirty$-$two if you have a BA II Plus Professional

calculator. If you are working with the BA II Plus calculator, suppose that the payments beyond the twenty$-$fourth, which you do not have registers to accommodate, are made along

with the twenty$-$fourth. Now use the "guess and check" method, obtaining your first estimate by using IRR CPT$.$ This is a challenging problem, especially for those of you with only $24$

registers. However, when performing the successive calculations required by the "guess and check" method, you may make judicious use of the NPV subworksheet to decrease your

work.$]$