a broadband service company borrowed $2 million for new equipment and repaid the loan in amounts...
a broadband service company borrowed $2 million for new equipment and repaid the loan in amounts of $208000 in years 1 and 2 plus a lump sum amount of $2.25 million at the end of year 3. what was the interest rate of the loan?
Homework Answers
Assuming the interest rate be equal to r%
then,
2000000 = 208000/1r+208000/1r^2+2250000/1r^3
r= 11.028%
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a broadband service company borrowed $2 million for new
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