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bob and barbara are friends. bob takes out a $10000 loan and agrees to repay it over 12 years making annual level payments at an
bob and barbara are friends. bob takes out a $10000 loan and agrees to repay it over 12 years making annual level payments at an effective rate of 5.62499%. at the same time barbara takes out a $10000 loan and agrees to repay it by making annual interest payments at an annual effective interest rate of i. she also agrees to make annual level deposits into a sinking fund that earns 4% annual effective interest so as to accumulate $10,000 at the end of the 12 years. bob and barbara discover they have the same total annual expenditures resulting from their loans. find the rate i. the answer is i=5.0285% but i'm not sure how to get it. please show steps
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