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Zach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53. Determine the interest rate on this loan, if the payments begin one year after t…

Zach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53. Determine the interest rate on this loan, if the payments begin one year after t…
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Zach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53. Determine the interest rate on this loan, if the payments begin one year after the loan is signed.

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User Asaaki
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1 Answer

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Thank you for posting you question here. I hope the answer will help. The interest rate on this loan if the payments begin one year after the loan is signed is 11%. Below is the solution:

N=6
PMT=4,727.53
PV=20,000
FV=0
I=?
I=11%
answered
User Georgez
by
8.5k points
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