Question
If you borrow $8,637 and are required to pay back the loan in five equal annual installments of $2,700, what is the interest rate associated
If you borrow $8,637 and are required to pay back the loan in five equal annual installments of $2,700, what is the interest rate associated with the loan? Use Appendix D or a financial calculator to solve this problem. (Round your answer to the nearest whole percent.)
Interest rate:
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Financial Derivative Investments An Introduction To Structured Products
Authors: Richard D. Bateson
1st Edition
1848167113, 9781848167117
