You borrow $95,000; the annual loan payments are $9,246.95 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
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You borrow $95,000; the annual loan payments are $9,246.95 for 30 years. What interest rate
are you being charged? Round your answer to the nearest whole number.
Transcribed Image Text:You borrow $95,000; the annual loan payments are $9,246.95 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number.
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