On July 17, 2012, James Taylor borrowed $60,000 from his grandfather to open a clothing store. Starting
Question:
On July 17, 2012, James Taylor borrowed $60,000 from his grandfather to open a clothing store. Starting July 17, 2018, James has to make 10 equal annual payments of $8,860 each to repay the loan. Use a financial calculator to determine what interest rate James is paying.
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Related Book For 
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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