Current Attempt in Progress

Newman Taylor is settling a $20,780 loan due today by making 6 equal annual payments of $5,054.23.

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Determine the interest rate on this loan, if the payments begin one year after the loan is signed. (Round answer to 0 decimal places, e.g. 8%.)

Interest rate

i sent the tables

TABLE 6.4 Present Value of an Ordinary Annuity of 1 TABLE 6.1 Future Value of 1 TABLE 6.5 Present Value of an Annuity Due of 1 Current Attempt in Progress Newman Taylor is settling a $20,780 loandue today by making 6 equal annual payments of $5,054.23. Click here to view factor tables. Determine the interest rate on this loan, if the payments begin one vear atter the loan is signed. (Round answer to 0 decimai places. es. 8x. Interest rate \% TABLE 6.2 Present Value of 1 (Present Value of a Single Sum) TABLE 6.3 Future Value of an Ordinary Annulty of 1 FVF=An=i(1+i)n1 (n) TABLE 6.1 Future Value of 1 (Future Value of a Single Sum) \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multirow{2}{*}{\begin{tabular}{c} (n) \\ Periods \end{tabular}} & \multicolumn{5}{|c|}{FVFmj=(1+Ir} & \multirow[b]{2}{*}{6%} \\ \hline & 2% & & 3% & 4% & 5% & \\ \hline 1 & 1.02000 & 1.02500 & 1.03000 & 1.04000 & 1.05000 & 1.06000 \\ \hline 2 & 1.04040 & 1.05063 & 1.06090 & 1.08160 & 1.10250 & 1.12360 \\ \hline 3 & 1.06121 & 1.07689 & 1.09273 & 1.12486 & 1.15763 & 1.19102 \\ \hline 4 & 1.08243 & 1.10381 & 1.12551 & 1.16986 & 1.21551 & 1.26248 \\ \hline 5 & 1,10408 & 1.13141 & 1.15927 & 1.21665 & 1.27628 & 1.33823 \\ \hline 6 & 1.12616 & 1.15909 & 1.19405 & 1.26532 & 1.34010 & 1.41852 \\ \hline 7 & 1,14869 & 1.18869 & 1.22987 & 1.31593 & 1.40710 & 1.50363 \\ \hline 8 & 1.17166 & 1,21840 & 1.26677 & 1.36857 & 1.47746 & 1.59385 \\ \hline 9 & 1.19509 & 1.24886 & 1.30477 & 1.42331 & 1.55133 & 1.68948 \\ \hline 10 & 1.21899 & 1.28008 & 1.34392 & 1.48024 & 1.62889 & 1.79085 \\ \hline 11 & 1,24337 & 1.31209 & 1.38423 & 1.53945 & 1.71034 & 1.89830 \\ \hline 12 & 1.26824 & 1.34489 & 1.42576 & 1.60103 & 1.79586 & 2.01220 \\ \hline 13 & 1.29361 & 1.37851 & 1.46853 & 1.66507 & 1.82565 & 2.13293 \\ \hline 14 & 1.31948 & 1.41297 & 1.51259 & 1.73168 & 1.97993 & 2.26090 \\ \hline 15 & 1.34587 & 1,44830 & 1.55797 & 1.80094 & 2.07890 & 2.39656 \\ \hline 16 & 1.37279 & 1.48451 & 1.60471 & 1.87298 & 2,18287 & 2.54003 \\ \hline 17 & 1.40024 & 1.52162 & 1.65285 & 1.94790 & 2.29202 & 2. 69277 \\ \hline 18 & 1.42825 & 1.55966 & 1.70243 & 2.02582 & 2.40602 & 2. 85434 \\ \hline 19 & 1.45681 & 1.59865 & 1.75351 & 2.10685 & 2.52695 & 3.02560 \\ \hline 20 & 1.48595 & 1.63862 & 1.80611 & 2.19112 & 2.65330 & 3.20714 \\ \hline 21 & 1.51567 & 1.67958 & 1.86029 & 2.27877 & 278596 & 3.39956 \\ \hline 22 & 1.54598 & 1.72157 & 1,91610 & 2.36992 & 290526 & 360054 \\ \hline 23 & 1.57690 & 1.76461 & 1.97359 & 2.46472 & 307152 & 3.81975 \\ \hline 24 & 1.60844 & 1.80873 & 2.03279 & 256330 & 322510 & 4.04893 \\ \hline 25 & 1.64061 & 1.85394 & 209978 & 2.66584 & 3.38635 & 4.29187 \\ \hline 26 & 1.67342 & 1.90029 & 215659 & 2.77247 & 3.55567 & 4.54938 \\ \hline 27 & 1.70689 & 1.94780 & 222129 & 2.86337 & 3.73346 & 4. 80235 \\ \hline 28 & 1.74102 & 199650 & 2.28793 & 2.99870 & 3920013 & 5.11169 \\ \hline 29 & 177584 & 204641 & 2.35657 & 3.11865 & 4.11614 & 5.41839 \\ \hline 30 & 1.81136 & 209757 & 242726 & 3.24340 & 4.32194 & 5.74349 \\ \hline 31 & 1.84759 & 2.15001 & 250008 & 3.37313 & 4.53804 & 6.08810 \\ \hline 32 & 1.88454 & 2.20376 & 2.57508 & 3.50806 & \begin{tabular}{l} 4.53604 \\ 4.76494 \end{tabular} & 6.45339 \\ \hline 33 & 1.92223 & 2.25685 & 265234 & 3.64838 & 5.00319 & 6.84059 \\ \hline 34 & 1.96068 & 2.31532 & 273191 & 3.79432 & 5.25335 & 7.25103 \\ \hline 35 & 1.99989 & 2.37321 & 281386 & 3.94609 & 5.51602 & 7.68609 \\ \hline 36 & 2.03989 & 2.43254 & 2.89828 & 4.10393 & 5.79182 & a. 14725 \\ \hline 37 & 200009 & 249335 & 298523 & 4.26800 & 600141 & 8.63609 \\ \hline 36 & 2.12230 & 255568 & 307478 & 4.43881 & 6.38548 & 9.15425 \\ \hline 39 & 2.16474 & 2.61957 & 3.16703 & 4.61637 & 6.70475 & 9.70351 \\ \hline 40 & 2.20804 & 2.68506 & 326204 & 480102 & 7.03399 & 10.28572 \\ \hline \end{tabular} TABLE 6.2 Present Value of 1 TABLE 6.5 Present Value of an Annulty Due of 1 TABLE 6.3 Future Value of an Ordinary Annuity of 1 \begin{tabular}{|c|c|c|c|c|c|c|} \hline & & & & & & \\ \hline 1.00000 & 1.00000 & 1.00000 & 1.00000 & 1.00000 & 2.0000 & \\ \hline 2.08000 & 2.09000 & 2.10000 & 2.11000 & 2.12000 & 2.15000 & 2 \\ \hline 3.24640 & 3.27810 & 3.31000 & 3.34210 & 3.37440 & 3.47250 & 3 \\ \hline 4.50611 & 4.57313 & 4.64100 & 4.70973 & 4.77933 & 4.99338 & 4 \\ \hline 5.86660 & 5.98471 & 6.10510 & 6.22780 & 6.35285 & 6.74238 & 5 \\ \hline 7.33592 & 7.52334 & 7.71561 & 7.91266 & 8.11519 & 8.75374 & 6 \\ \hline 8.92280 & 9.20044 & 9.48717 & 9.78327 & 10.08901 & 11.06680 & 7 \\ \hline 10.63663 & 11.02847 & 11,43589 & 11.85943 & 12.29969 & 13.72682 & 8 \\ \hline 12.48756 & 13.02104 & 13.57948 & 14,16397 & 14.77566 & 16.78584 & 9 \\ \hline 14.48656 & 15.19293 & 15.93743 & 16.72201 & 17.54874 & 20.30372 & 10 \\ \hline 16.64549 & 17.56029 & 18.53117 & 19.56143 & 20.65458 & 24.34928 & 11 \\ \hline 18.97713 & 20.14072 & 21.38428 & 22.71319 & 24,13313 & 29.00167 & 12 \\ \hline 21,49530 & 22.95339 & 24.52271 & 26.21164 & 28.02911 & 34.35192 & 13 \\ \hline 24.21492 & 26.01919 & 27.97498 & 30.09492 & 32.39260 & 40.50471 & 14 \\ \hline 27,15211 & 29.36092 & 31.77248 & 34.40536 & 37.27972 & 47.58041 & 15 \\ \hline 30.32428 & 33.00340 & 35.94973 & 39.18995 & 42.75328 & 55.71747 & 16 \\ \hline 33.75023 & 3697371 & 40.54470 & 44.50084 & 48.88367 & 65.07509 & 17 \\ \hline 37.45024 & 41.30134 & 45.59917 & 50.39693 & 55.74972 & 75.83636 & 18 \\ \hline 41.44626 & 46.01846 & 51.15909 & 56.93949 & 63.43968 & 88.21181 & 19 \\ \hline 45.76196 & 51.16012 & 57.27500 & 64.20283 & 72.05244 & 102.44358 & 20 \\ \hline 50.42292 & 56.76453 & 64.00250 & 72.26514 & 81.69874 & 118.81012 & 21 \\ \hline 55.45676 & 62.87334 & 71.40275 & 81.21431 & 92.50258 & 137.63164 & 22 \\ \hline 60.89330 & 69.53194 & 79.54302 & 91.14788 & 104.60289 & 159.27638 & 23 \\ \hline 66.76476 & 76.78981 & 88.49733 & 102.17415 & 118.15524 & 184.16784 & 24 \\ \hline 73.10594 & 84.70090 & 98.34706 & 114.41331 & 133.33387 & 212.79302 & 25 \\ \hline 79.95442 & 93.32398 & 109.18177 & 127.99877 & 150.33393 & 245.71197 & 26 \\ \hline 87.35077 & 102.72314 & 121.09994 & 143.07864 & 169.37401 & 283.56877 & 27 \\ \hline 95.33883 & 112.96822 & 134.20994 & 159.81729 & 190.69889 & 327.10408 & 28 \\ \hline 103.96594 & 124.13536 & 148.63093 & 178.39719 & 214.58275 & 377.16969 & 29 \\ \hline 113.28321 & 136.30754 & 164.49402 & 199.02088 & 241.33268 & 434,74515 & 30 \\ \hline 123.34587 & 149.57522 & 181.94343 & 22191317 & 271.29261 & 500.95692 & 31 \\ \hline 134.21354 & 164.03699 & 201.13777 & 247.32362 & 304.84772 & 577.10046 & 32 \\ \hline 145.95062 & 179.80032 & 222.25154 & 275.52922 & 342.42945 & 644.66553 & 33 \\ \hline 158.62667 & 196.98234 & 245.47670 & 306.83744 & 384.52098 & 765.36535 & 34 \\ \hline 172.31680 & 215.71076 & 271.02437 & 341.58955 & 431.66350 & 881.17016 & 35 \\ \hline 187,10215 & 236.12472 & 299.12681 & 380.16441 & 484.46312 & 1014,34568 & 36 \\ \hline 203.07032 & 258.37595 & 330.03949 & 422.96249 & 543.59869 & 1167.49753 & 37 \\ \hline 220.31595 & 282.62978 & 364.04343 & 470.51056 & 609.83053 & 1343.62216 & 38 \\ \hline 238.94122 & 309.06646 & 401.44778 & 52326673 & 684.01020 & 1546.16549 & 39 \\ \hline 259.05652 & 337.88245 & 442.59256 & 581.82607 & 767.09142 & 1779,09031 & 40 \\ \hline \end{tabular} TABLE 6.4 Present Value of an Ordinary Annuity of 1 (n) \begin{tabular}{|c|c|c|c|c|c|c|} \hline 8% & 9% & 10% & 11% & 12% & 15% & \\ \hline .92593 & .91743 & .90909 & 90090 & 89286 & 86957 & \\ \hline 1.78326 & 1.75911 & 1.73554 & 1.71252 & 1.69005 & 1.62571 & \\ \hline 2.57710 & 2.53130 & 2.48685 & 2.44371 & 2.40183 & 2.28323 & 3 \\ \hline 3.31213 & 3.23972 & 3.16986 & 3.10245 & 3.03735 & 2.85498 & 8 \\ \hline 3.99271 & 3.88965 & 3.79079 & 3.69590 & 3.60478 & 3.35216 & 5 \\ \hline 4.62288 & 4.48592 & 4.35526 & 4.23054 & 4.11141 & 3.78448 & 6 \\ \hline 5.20637 & 5.03295 & 4.86842 & 4.71220 & 4.56376 & 4.16042 & 7 \\ \hline 5.74664 & 5.53482 & 5.33493 & 5.14612 & 4.96764 & 4.48732 & 8 \\ \hline 6.24689 & 5.99525 & 5.75902 & 5.53705 & 5.32825 & 4.77158 & 9 \\ \hline 6.71008 & 6.41766 & 6.14457 & 5.88923 & 5.65022 & 5.01877 & 10 \\ \hline 7,13896 & 6.80519 & 6.49506 & 6.20652 & 5.93770 & 5.23371 & 11 \\ \hline 7.53608 & 7.16073 & 6.81369 & 6.49236 & 6.19437 & 5.42062 & 12 \\ \hline 7.90378 & 7.48690 & 7.10336 & 6.74987 & 6.42355 & 5.58315 & 13 \\ \hline 8.24424 & 7.78615 & 7.36669 & 6.98187 & 6.62817 & 5.72448 & 14 \\ \hline 8.55948 & 8.06069 & 7.60608 & 7.19087 & 6.81086 & 5.84737 & 15 \\ \hline 8.85137 & 8.31256 & 7.82371 & 7.37916 & 6.97399 & 5.95424 & 16 \\ \hline 9.12164 & 8.54363 & 8.02155 & 7.54879 & 7.11963 & 6.04716 & 17 \\ \hline 9.37189 & 8.75563 & 8.20141 & 7.70162 & 7.24967 & 6.12797 & 18 \\ \hline 9.60360 & 8.95012 & 8.36492 & 7.83929 & 7.36578 & 6.19823 & 19 \\ \hline 9.81815 & 9.12855 & 8.51356 & 7.96333 & 7.46944 & 6.25933 & 20 \\ \hline 10.01680 & 9.29224 & 8.64869 & 8.07507 & 7,56200 & 6.31246 & 21 \\ \hline 10.20074 & 9.44243 & 8.77154 & 8.17574 & 7.64465 & 6.35866 & 22 \\ \hline 10.37106 & 9.58021 & 8.88322 & 8.26643 & 7.71843 & 6.39884 & 23 \\ \hline 10.52876 & 9.70661 & 8.98474 & 8.34814 & 7.78432 & 6.43377 & 24 \\ \hline 10.67478 & 9.82258 & 9.07704 & 8.42174 & 7.84314 & 6.46415 & 25 \\ \hline 10.80998 & 9.92897 & 9.16095 & 8.48806 & 7.89566 & 6.49056 & 26 \\ \hline 10.93516 & 10.02658 & 9.23722 & 8.54780 & 7.94255 & 6.51353 & 27 \\ \hline 11.05108 & 10.11613 & 9.30657 & 8. 60162 & 7.98442 & 6.53351 & 28 \\ \hline 11.15841 & 10.19828 & 9.36961 & 8.65011 & 8.02181 & 6.55088 & 29 \\ \hline 11.25778 & 10.27365 & 9.42691 & 8.69379 & 8.05518 & 6.56598 & 30 \\ \hline 11.34980 & 10.34280 & 9.47901 & 8.73315 & 8.08499 & 6.57911 & 31 \\ \hline 11.43500 & 10.40624 & 9.52638 & 8.76860 & 8.11159 & 6.59053 & 32 \\ \hline 11.51389 & 10.46444 & 9.56943 & 8.80054 & 8.13535 & 6.60046 & 33 \\ \hline 11.58693 & 10.51784 & 9.60858 & 8.82932 & 8. 15656 & 6.60910 & 34 \\ \hline 11.65457 & 10.56682 & 9.64416 & 8.85524 & 8.17550 & 6.61661 & 35 \\ \hline 11.71719 & 10.61176 & 9.67651 & 8.87859 & 8. 19241 & 6.62314 & \\ \hline 11.77518 & 10.65299 & 9.70592 & 8.89963 & 8. 20751 & 6.62882 & 37 \\ \hline 11.82887 & 10.69082 & 9.73265 & 8.91859 & 6.22099 & 6.63375 & 38 \\ \hline \begin{tabular}{l} 11.87858 \\ 11.98461 \end{tabular} & 10.72552 & 0.75697 & 8.93507 & 8.23303 & 6.63805 & 39 \\ \hline & 10.75736 & 9.77905 & 8.95105 & 8.24378 & 6.64178 & 40 \\ \hline \end{tabular}