Calculating interest rate associated with the loan, Corporate Finance

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Calculating interest rate associated with the loan

Problem:

If you borrow $9,725 and are required to pay back the loan in five equal annual installments of $2,500, what is the interest rate associated with the loan?

Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references. Provide step by step solutions for the above question.

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Corporate Finance: Calculating interest rate associated with the loan

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