Question: Please answer as quickly as possible and correctly and I will give a thumbs up all steps do NOT have to be shown as long
Please answer as quickly as possible and correctly and I will give a thumbs up all steps do NOT have to be shown as long as the final answer is correct, thank you.
Adam paid off an $$600,000 loan completely in 10 years. He paid $70,000 at the end of the year for 10 years. In addition, he made an extra single payment of $75,914.1 at the end of the fifth (5th) year. What interest rate was he charged annually for the loan? 6% 7% 9% 8% 5%
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