If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year for 10 years, what is the annual interest rate on the loan? a) 12% d) 13.6% b) 18.9% e) 14.4% c) 15.9% How to solve using financial calculator?
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If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year for 10 years, what is the annual interest rate on the loan?
a) 12% d) 13.6%
b) 18.9% e) 14.4%
c) 15.9%
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