If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per

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If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year for 10 years, what is the annual interest rate on the loan?

a) 12%

b) 13.6%

c) 18.9%

d) 14.4%

e) 15.9%

Related Book For answer-question

Financial Reporting Financial Statement Analysis and Valuation a strategic perspective

ISBN: 978-1337614689

9th edition

Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

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Posted Date: Sep 28, 2023 06:55 AM

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Financial Reporting Financial Statement Analysis and Valuation a strategic perspective

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