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Big Warehouses borrowed $287,610 from a bank and signed a note requiring 15 annual payments of $27,709 beginning one year from the date of the

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Big Warehouses borrowed $287,610 from a bank and signed a note requiring 15 annual payments of $27,709 beginning one year from the date of the agreement. Required: Determine the interest rate implicit in this agreement. Note: Use tables, Excel, or a financial calculator. Round percentage answer to one decimal place. (FV of \$1, PV of \$1. FVA of \$1, PVA of \$1. FVAD of \$1 and PVAD of \$1)

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