What interest rate is joe paying on the loan
Question: Joe's Dockyard is financing a new boat with an amortizing loan of $24,000 which is to be repaid in 10 annual installments of $4,247.62 each. What interest rate is Joe paying on the loan?a. 18.9%b. 17.7%c. 14.0%d. 12.0%
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Amortizing loan of $24,000 which is to be repaid in 10 annual installments of $4,247.62 each. What interest rate is Joe paying on the loan?
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