Chris Taylor is settling a $20,280 loan due today by making 6 equal annual payments of $4,656.44. Click here to view factor tables Determine the interest rate on this loan, if the payments begin one year after the loan is signed. (Round answer to 0 decimal places, eg. 8%.) Interest rate

Chris Taylor is settling a $20,280 loan due today by making 6 equal annual payments of $4,656.44. Click here to view factor tables Determine the interest rate on this loan, if the payments begin one year after the loan is signed. (Round answer to 0 decimal places, eg. 8%.) Interest rate

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Chris Taylor is settling a $20,280 loan due today by making 6 equal annual payments of $4,656.44.
Click here to view factor tables
Determine the interest rate on this loan, if the payments begin one year after the loan is signed. (Round answer to O decimal places, e.g.
8%.)
Interest rate

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