On July 17, 2020, James Taylor borrowed $66,000 from his grandfather to open a clothing store. Starting
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On July 17, 2020, James Taylor borrowed $66,000 from his grandfather to open a clothing store. Starting July 17, 2021, James has to make 8 equal annual payments of $11,225 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 with International Financial Reporting Standards
ISBN: 978-1119504306
4th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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