What is the effective rate of interest on the loan
Your bank has offered you a $15,000 loan. The terms of the loan require you to pay back the loan in five equal annual installments of $4,161.00. The first payment will be made a year from today. What is the effective rate of interest on this loan?
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The loan in five equal annual installments of $4,161.00. The first payment will be made a year from today. What is the effective rate of interest on this loan?
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