Idlewild Bank has granted you a seven-year loan for $50,000. If your seven annual end-of-the-year payments are $11,660.45, what is the rate of interest Idlewild is charging?

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The Answer of Idlewild Bank has granted you a seven-year loan for $50,000. If your seven annual end-of-the-year payments are $11,660.45, what is the rate of interest Idlewild is charging?

Idlewild Bank Has Granted You a Seven-Year Loan for $50,000