Payment # Payment Interest Debt Payment Balance 1 1,167.34 540.54 626.80 259,873.20 1,167.34 539.24 628.10 259,245.10 3 1,167.34 With the exception of column one, all amounts are in dollars. Calculate the annual interest rate on this loan. Round your answer to the nearest hundredth of a percent. Round your answer to the nearest dollar. Do NOT round until you calculate the final answer.

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Payment #
Payment
Interest Debt Payment
Balance
1
1,167.34
540.54
626.80
259,873.20
2
1,167.34
539.24
628.10
259,245.10
3
1,167.34
y
With the exception of column one, all amounts are in dollars. Calculate the annual interest rate on this loan.
Round your answer to the nearest hundredth of a percent.
Round your answer to the nearest dollar.
Do NOT round until you calculate the final answer.
Transcribed Image Text:Payment # Payment Interest Debt Payment Balance 1 1,167.34 540.54 626.80 259,873.20 2 1,167.34 539.24 628.10 259,245.10 3 1,167.34 y With the exception of column one, all amounts are in dollars. Calculate the annual interest rate on this loan. Round your answer to the nearest hundredth of a percent. Round your answer to the nearest dollar. Do NOT round until you calculate the final answer.
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