College Station BandWith" is the sole internet provider in the College Station area. The company plans to switch to fiber optics to provide customers with a faster uploading and downloading service. The company plans to borrow $12,000,000 from the Teacher Credit Union of Texas for new equipment and repay the loan of $3,500,000 in years 1, 2, and 3 and a lumpsum amount of $4,000,000 at the end of year 4. What was the interest rate on the loan?

College Station BandWith" is the sole internet provider in the College Station area. The company plans to switch to fiber optics to provide customers with a faster uploading and downloading service. The company plans to borrow $12,000,000 from the Teacher Credit Union of Texas for new equipment and repay the loan of $3,500,000 in years 1, 2, and 3 and a lumpsum amount of $4,000,000 at the end of year 4. What was the interest rate on the loan?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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