What rate of interest is bank earning from loan transaction

Reference no: EM13222573

A restaurant borrows $35,000
It will pay back over 5 year period with the following payment terms: 15%, 20%, 25%, 30%, 35% of the initial loan at the end of the first period, and so forth.

a) What rate of interest is the bank earning from this loan transaction?
b) What would be the total interest paid by the restaurant over the 5-year period?

Reference no: EM13222573

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