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The annual rate your bank charges to borrow money for1, 5, 10 or 30 years is shown in the table Below. Duration 1 YEAR 5
The annual rate your bank charges to borrow money for1, 5, 10 or 30 years is shown in the table Below. Duration 1 YEAR 5 YEARS 10 YEARS 30 YEARS Annual Loan Rate 6% 7% 9% 10% If you borrow from the bank for any duration from 1-30 years that's not listed in the table, your loan rate is found by interpolating the appropriate number between the rates given in the table. FOR EXAMPLE: Assume you borrow money for 15 years. Because 15 years is one quarter (1/4) of the way between 10 years and thirty years the annual loan rate would be calculated as follows: .75*.09+.25*.1 Using a VLOOK UP table write formulas that returns the annual interest rate for the loan periods 8 years and 20 years
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