You borrow $230,000; the annual loan payments are $20,430.31for 30 years. What interest rate are you being charged?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 9P
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You borrow $230,000; the annual loan payments are $20,430.31
for 30 years. What interest rate are you being charged?

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