You borrow $60,000; the annual loan payments are $5,840.18 for30 years. What interest rate are...

You borrow $60,000; the annual loan payments are $5,840.18 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number.

Solutions

Expert Solution

We have to use financial calculator to solve this
put in calculator

FV		0
PV		-60000
PMT		5,840.18
N		30

compute I		9.00%

Ans =		9%

jeff jeffy answered 2 years ago

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