Timothy borrows $6,930 from the bank. For a four-year loan, the bank requires annual end-of-year payments of $2,281.86. Calculate the interest rate on the loan.

Name: Timothy borrows $6,930 from the bank. For a four-year loan, the bank requires annual end-of-year payments of $2,281.86. Calculate the interest rate on the loan.
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The Answer of Timothy borrows $6,930 from the bank. For a four-year loan, the bank requires annual end-of-year payments of $2,281.86. Calculate the interest rate on the loan.

Timothy Borrows $6,930 from the Bank