If a Bank Lends You $10,000 and Requires That You

question 128

Multiple Choice

If a bank lends you $10,000 and requires that you make payments of $2,500 at the end of each of the next five years,what interest rate is the bank charging?

• A) 4.56%
• B) 5.61%
• C) 7.93%
• D) 11.18%

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