Question: BE 6 - 1 6 ( L 0 4 ) Zach Taylor is settling a $ 2 0 , 0 0 0 loan due today

BE6-16(L04) Zach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53. Determine the interest rate on this loan, if the payments begin one year after the loan is signed.

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