What was the average level of annual finance costs, Finance Basics

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What was the average level of annual finance costs

Problem

Brilliant Discoveries Inc. (BDI) utilizes interest rate caps to control financing costs. It paid $100,000 to cap a 5-year $10 million loan at 5%. Prime rate was below 5% in year one. The rates were 6%, 8%, 5 %, and 7% the subsequent years the loan was outstanding respectively. What was the average level of annual finance costs associated with the loan?

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