5.17 You borrow $245,000; the annual loan payments are $15,937.60 for 30 years. What interest rate...
5.17
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You borrow $245,000; the annual loan payments are $15,937.60 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. % |
Homework Answers
Information provided:
Present value= $245,000
Annual payment= $15,937.60
Time= 30 years
The interest rate is calculated by entering the below in a financial calculator:
PV= -245,000
PMT= 15,937.60
N= 30
Press the CPT key and I/Y to compute the interest rate.
The value obtained is 5.
Therefore, the interest rate charged is 5%.
In case of any query, kindly comment on the solution
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