If you borrow $9,725 and are required to pay back the loan in five equal annual installments

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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?

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Foundations of Financial Management

ISBN: 978-1259024979

10th Canadian edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta

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Question Posted: Sep 15, 2018 08:54 AM

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If you borrow $9,725 and are required to pay back the loan in five equal annual installments

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Foundations of Financial Management

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