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On September 1, 2014, Watson Company received a loan of $44,940 from One Finance Company. To pay off this loan, Watson Company will have to

On September 1, 2014, Watson Company received a loan of $44,940 from One Finance Company. To pay off this loan, Watson Company will have to pay One Finance $10,000 each year for ten years. The first payment is due September 1, 2015. Which interest rate compounded annually is Watson paying on this loan?


The answer is 18% but how did they get that?

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