Question: To repay a $35,000 loan you will make 30 equal annual payments (starting one year from today) of $4,998.10. What is the interest rate on

To repay a $35,000 loan you will make 30 equal annual payments (starting one year from
today) of $4,998.10. What is the interest rate on the loan? If you dont have a financial
calculator, you can use the fact that it is one of the following rates.
a) 8%
b) 10%
c) 12%
d) 14%
e) 16%

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