Finance: Calculate the Interest Rate for Two TVM Problems
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Find the interest rate (or rate of return) in each of the following situations.
You borrow $85,000 and promise to pay back $201,229 at the end of 10 years.
You borrow $9,000 and promise to make payments of $2,684.80 at the end of each of the next 5 years.
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Solution Summary
The solution calculates the interest rate for two TVM problems.
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