Determine the banks effective annual interest rate, Finance Basics

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Determine the banks effective annual interest rate

Problem

To start a new business, Alysha intends to borrow $19,000 from a local bank. If the bank asks herto repay the loan in 5 equal annual installments of $4,758.67, determine the bank's effective annual interest rate on the loan transaction. With annual compounding, what nominal rate would the bank quote for this loan?

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Finance Basics: Determine the banks effective annual interest rate

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