solguc2chicklov solguc2chicklov
  • 01-06-2017
  • Business
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Dorothy borrows $10,000 from the bank. for a four-year loan, the bank requires annual end-of-year payments of $3,223.73. the annual interest rate on the loan is

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KhanKhalifa KhanKhalifa
  • 01-06-2017
Assuming the payments are every year, then it is: 

3223.73/10000

=32.24% 

Otherwise, it would be 
(3223.73/4) / 10000

=8.05%

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