A loan of $1,070 was repaid at the end of 18 months with a check for $1,095 What annual rate of interest was charged?  The annual rate of interest was charged at __% (Round to two decimal places as needed.)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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A loan of $1,070 was repaid at the end of 18 months with a check for $1,095 What annual rate of interest was charged? 

The annual rate of interest was charged at __% (Round to two decimal places as needed.)

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