If you borrow $8,599 and are required to pay back the loan in five equal annual installments

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If you borrow $8,599 and are required to pay back the loan in five equal annual installments of $2,750, what is the interest rate associated with the loan?

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Foundations Of Financial Management

ISBN: 9781264097623

18th Edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen

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