On September 1, 2010, the Baker Company received $44, 940 from 4-Most Finance Company.To pay off this loan, the Baker Company will have to pay 4-Most $10, 000 each year for ten years.The first payment is due September 1, 2011.Which interest rate compounded annually is Baker paying on this loan?
A)12%
B)15%
C)18%
D)24%

Question

Quizplus · Accepted Answer

The Answer of On September 1, 2010, the Baker Company received $44, 940 from 4-Most Finance Company.To pay off this loan, the Baker Company will have to pay 4-Most $10, 000 each year for ten years.The first payment is due September 1, 2011.Which interest rate compounded annually is Baker paying on this loan?
A)12%
B)15%
C)18%
D)24%

On September 1, 2010, the Baker Company Received $44, 940