Zach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53. Determine the interest rate on this loan, if the payments begin one year after the loan is signed.

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Q: Zach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53.…

A: Given values: Equal annual payments = $ 4727.53 Settling loan amount = $ 20000

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A:

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Q: what is the total amount of the loan?

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A: Given Loan amount = $5000 Rate = 8%