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What Interest is Joe paying on the loan

Joe's Dockyard is financing a new boat with an amortizing loan of $24,000 which is to be repaid in 10 annual installments of $4,247.62 each. What interest rate is Joe paying on the loan?

a. 18.9%

b. 17.7%

c. 14.0%

d. 12.0%

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Please see the attached Excel file.

Joe's Dockyard is financing a ...

Solution Summary

Solution helps in estimating interest is Joe paying on the loan

$2.19