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11 December, 10:01

Dorothy borrows $10,000 from the bank. for a four-year loan, the bank requires annual end-of-year payments of $3,223.73. the annual interest rate on the loan is

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  1. 11 December, 10:57
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    Assuming the payments are every year, then it is:

    3223.73/10000

    =32.24%

    Otherwise, it would be

    (3223.73/4) / 10000

    =8.05%
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