A broadband service company borrowed $2 million for new equipment and repaid the loan in amounts of $211,000 in years 1 and 2 plus a lump sum amount of $1.95 million at the end of year 3. What was the interest rate on the loan? The rate of interest on the loan was %.
A broadband service company borrowed $2 million for new equipment and repaid the loan in amounts of $211,000 in years 1 and 2 plus a lump sum amount of $1.95 million at the end of year 3. What was the interest rate on the loan? The rate of interest on the loan was %.
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 19P
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A broadband service company borrowed $2 million for new equipment and repaid the loan
in amounts of $211,000 in years 1 and 2 plus a lump sum amount of $1.95 million at the end of
year 3. What was the interest rate on the loan?
The rate of interest on the loan was %.
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