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You've been offered a loan of $15,000, which you will have to repay in 12 equal annual payments of $3,000, with the first payment due
You've been offered a loan of $15,000, which you will have to repay in 12 equal annual payments of $3,000, with the first payment due one year from now. What interest rate would you pay on that loan?
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Financial Management Principles and Applications
Authors: Sheridan Titman, Arthur Keown, John Martin
12th edition
133423824, 978-0133423822
