Determine the interest rate on this loan, if the payments begin one year after the loan is signed (Round answer to 0 decimal places, e.g. 8%.) Interest rate %

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Newman Taylor is settling a $19,570 loan due today by making 6 equal annual payments of
$4,625.89.
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
%
Transcribed Image Text:Newman Taylor is settling a $19,570 loan due today by making 6 equal annual payments of $4,625.89. 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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