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What is the interest rate that is being charged on the loan

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Reference no: EM131791857

Problem

You just purchased an automobile for $19,450 and must decide how to pay for it. Your local bank has granted you a five-year loan. Annual payments on the loan will be made at the end of each year and the amount of the loan payments, which include principal and interest, is $5,000 per year. What is the interest rate that is being charged on the loan?

Reference no: EM131791857

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