You borrow $11,000 and promise to make payments of $3,359.50 at the end of each year for 5 years. What is the interest rate earned? Round your answers to the nearest whole number
You borrow $11,000 and promise to make payments of $3,359.50 at the end of each year for 5 years. What is the interest rate earned? Round your answers to the nearest whole number
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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You borrow $11,000 and promise to make payments of $3,359.50 at the end of each year for 5 years. What is the interest rate earned? Round your answers to the nearest whole number
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