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Suppose you borrowed $83,000 from a bank. The loan is to be paid back in 4 years. The back proposed the following payment plan: Year

Suppose you borrowed $83,000 from a bank. The loan is to be paid back in 4 years. The back proposed the following payment plan: Year 1: $26,753 Year 2: $26,753 Year 3: $26,753 Year 4: $26,753

Using the formula PV=FVn(PVIF)i%, the interest rate on the loan is?

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Given Loan amount PV 83000 Future value FV at the end of each year 26753 Number of periods n 4 year... blur-text-image

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