Question: Please do it manually, not with excel. Thankyou. 9. John borrows $10 000 for 10 years and uses a sinking fund to repay the principal.

Please do it manually, not with excel. Thankyou. 9. John borrows

Please do it manually, not with excel. Thankyou.

9. John borrows $10 000 for 10 years and uses a sinking fund to repay the principal. The sinking-fund deposits earn an annual effective interest rate of 5%. The total required payment for both the interest and the sinking-fund deposit made at the end of each year is $1445 .05. Calculate the annual effective interest rate charged on the loan

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