Exercise $5-24($Algo$)$ Solving for unknown interest rate; installment notes $[$LO$5-9,5-10]$

Big Warehouses borrowed $$101,983$ from a bank and signed a note requiring $9$ annual payments of $$14,348$ beginning one year from

the date of the agreement.

Required:

Determine the interest rate implicit in this agreement.

Note: Use tables, Excel, or a financial calculator. Round percentage answer to one decimal place. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA

of $$1,$ FVAD of $$1$ and PVAD of $$1)$