Question: Your company negotiated for a bank loan under the following terms: Loan amount $300,000;annual payment is based on equal total payments over eight (8) years

Your company negotiated for a bank loan under the following terms: Loan amount $300,000;annual payment is based on equal total payments over eight (8) years (sum of principal and interest is the same each year) computed at 6% annual interest;it is a discount loan, with a 14% discount.Your company is in the 15% marginal tax bracket.Estimate the effective annual after-tax interest rate for this loan to the nearest percent. [You may express more accuracy, if obtained with software or interpolation, but the nearest % is sufficient.] Show some work for this problem.

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