Answered: You borrow $225,000; the annual loan…

You borrow $225,000; the annual loan payments are $30,017.40 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. %

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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2. Problem 5.17 (Effective Interest Rate)
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You borrow $225,000; the annual loan payments are $30,017.40 for 30 years. What interest rate are you being charged? Round your answer to the nearest
whole number.
%

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