Rajan borrows 6 930 from the bank the loan is a four-year


Rajan borrows $6, 930 from the bank. The loan is a four-year loan and requires annual end-of-year payments of $2, 281.86.

What is the interest rate of the loan? Use your calculator and round to the nearest xx.xx percent.

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Financial Management: Rajan borrows 6 930 from the bank the loan is a four-year
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