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Como Company borrowed $5,200 from its bank. Como will repay $7,300 in five years. What is the approximate interest rate that Como will incur on
Como Company borrowed $5,200 from its bank. Como will repay $7,300 in five years. What is the approximate interest rate that Como will incur on this loan, assuming annual compounding? Use the future value of $1 table. Excerpt of Future Value of $1 Table Periods 7% 8% 9% 1 1.07000 1.08000 1.09000 2 1.14490 1.16640 1.18810 3 1.22504 1.25971 1.29503 4 1.31080 1.36049 1.41158 5 1.40255 1.46933 1.53862 6 1.50073 1.58687 1.67710 9% 29% 7% 8%
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