What is the interest rate on john loan

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Reference no: EM131875231

Please do this assignment in Excel using TVM formulas. I want to see your formulas, and provide detail information how it was solved for review.

Also answer the following:

A. John just bought a $30,000 car. He put $5,000 down and financed the rest. He got a 5 year loan and his payments are $550 at the end of each month. What is the interest rate on John's loan?

Reference no: EM131875231

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