If a bank lends you $10,000 and requires that you make payments of $2,500 at the end of each of the next five years, what interest rate is the bank charging?
A) 4.56%
B) 5.61%
C) 7.93%
D) 11.18%

Name: If a bank lends you $10,000 and requires that you make payments of $2,500 at the end of each of the next five years, what interest rate is the bank charging? A) 4.56% B) 5.61% C) 7.93% D) 11.18%
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Question

Quizplus · Accepted Answer

PV = 10,000
PMT - 2,500
N = 5
I?YR = ? = 7.93

If a Bank Lends You $10,000 and Requires That You