In: Finance
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.
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% |