Computing interest rates of fixed payment loan

Assume that you hit the $5 million jackpot in the PA Lottery, which promises you a payment of $1 million every year for the next five year. Should you be excited that you have really won $5 million? Why or why not? Find out your total actual payout at the end of the 5 years. Compute the interest rate (i) on a fixed payment loan (e. g. mortgage loan or car loan) with the following information: Loan Value = LV = $9, 982 Fixed yearly Payment = FP = $ 2, 500 Compute the interest rate (i) of the loan LV = $9, 982 = [$2500/(1 + i)^1] + [$2500/(1 + i)^2] + [$ 2500/(1 + i)^3] + [$2500/(1 + i)^4] + [$2500/(i + i)^5] Solve for i to find the interest rate of your mortgage loan or car loan