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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Financial Accounting Information For Decisions

ISBN: 978-0324672701

6th Edition

Authors: Robert w Ingram, Thomas L Albright

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Question Posted: May 23, 2013 05:14 AM

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A five-year note has a payment of $1,000 at the end of each year for five years.

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Computation of the Interest Rate Prinicipal Amount 8...View the full answer

Financial Accounting Information For Decisions

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