Ricardo wants to buy a large fishing boat so that he can go deep-sea fishing. He needs $100,000 and can afford to make weekly payments of $300. At what interest rate, compounded weekly, should he take a loan out for if he wants to pay off the loan in exactly ten years? Round your answer to the nearest hundredth of a percent.

Ricardo wants to buy a large fishing boat so that he can go deep-sea fishing. He needs $100,000 and can afford to make weekly payments of $300. At what interest rate, compounded weekly, should he take a loan out for if he wants to pay off the loan in exactly ten years? Round your answer to the nearest hundredth of a percent.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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