A loan is repaid in seventeen level annual installments, Financial Management

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A loan is repaid in seventeen level annual installments

A loan is repaid in seventeen level annual installments. The first payment is at the end of the first year. The principal portion of the tenth payment is $65.85 and the interest portion is $22.21. What is the effective annual interest rate being paid on the loan.

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Financial Management: A loan is repaid in seventeen level annual installments

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Financial Management: A loan is repaid in seventeen level annual installments

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