A five-year note has a payment of $1,000 at the end of each year for five years.
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A five-year note has a payment of $1,000 at the end of each year for five years. What is the effective interest rate on the loan if the present principal of the note is $8,000?
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Computation of the Interest Rate Prinicipal Amount 8...View the full answer
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Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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