Four years ago John Camacho took out a $50,000 10-year installment loan (annually payable and compounded). The loan had to be paid back in 10 equal annual installments of $5,138.53. The first installment was payable after one year, and the last one after 10 years.
What is the underlying interest rate? 

(in % p.a., one decimal place)

Answer rating: 100% (QA)

The underlying interest rate is 50 This can be calc... View the full answer