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What interest rate is the bank charging

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Reference no: EM132944238

Problem 1: 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%

Reference no: EM132944238

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