Volkswagen upgraded a part of its car-assembly-line a time ago and to finance it at the time, borrowed R18 million. It then paid the loan back in seven annual payments of R3,576,420 each, with the first payment one year after it received the loan-amount. You need to determine what the interest rate on the loan was (it stayed constant throughout whole period)

The interest rate on the loan was? - 

Answer rating: 100% (QA)

The interest rate on the loan was 1029 Here is the working Let the ... View the full answer