How would you put this in a financial calculator to get the interest rate? This question illustrates

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How would you put this in a financial calculator to get the interest rate?

This question illustrates what somewhat unscrupulous lender. You want to borrow $29,000 for one year. The interest rate is 19.5 percent. You lender agree that the interest on the loan will be .195x $29,000 $5,655. So, the lender deducts this interest amount from the loan up front and gives you $23,345. In this case, we say that the discount is known as discount interest. Imagine you are discussing a loan with $5.655.

What is the interest rate on this loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Interest rate = _______ %

Posted Date: Nov 08, 2021 11:53 AM

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How would you put this in a financial calculator to get the interest rate? This question illustrates

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