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Solving for the Interest Rate per Period Wick borrowed $8,000 and agreed to make 10 annual payments of $1,036 at the end of each year.

Solving for the Interest Rate per Period

Wick borrowed $8,000 and agreed to make 10 annual payments of $1,036 at the end of each year. What is the interest rate of this loan?

  • Enter the percent rounded to two digits after the decimal; enter 2.04 for 2.044% or 2.05 for 2.045%.

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