Ch $05$: End$-$of$-$Chapter Problems $-$ Time Value of Money

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Attempts $0$ Keep the Highest $\frac{0}{1}$

$6.$ Problem $5\mathrm{.}17($Effective Interest Rate$)$

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You borrow $$320,000$; the annual loan payments are $$18,505\mathrm{.}63$ for $30$ years. What interest rate are you being charged? Round your answer to the nearest whole number.

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