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On January 1, Jin owed a debt of $30, 260. An agreement was reached that she would pay the debt plus compound interest in 24 monthly installments of S1, 400, the first payment to be made at the end of January. What rate of annual interest is she paying?

On January 1, Jin owed a debt of $30, 260. An agreement was reached that she would pay the debt plus compound interest in 24 monthly installments of S1, 400, the first payment to be made at the end of January. What rate of annual interest is she paying?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, Jin owed a debt of $30, 260. An agreement was reached that she would pay the debt plus compound interest in 24 monthly installments of $1,400, the first payment to be made at the end of January. What rate of annual interest is she paying?
Transcribed Image Text:On January 1, Jin owed a debt of $30, 260. An agreement was reached that she would pay the debt plus compound interest in 24 monthly installments of $1,400, the first payment to be made at the end of January. What rate of annual interest is she paying?
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