Business, 03.12.2021 20:00 Homepage10

Mona takes out a loan of $175,000 to buy a house at an effective annual rate of interest of i i%. She repays the loan by making level annual payments of $15,000 at the end of each year for 14 years, using the amortization method. Find the effective annual rate of interest of this loan.

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Mona takes out a loan of $175,000 to buy a house at an effective annual rate of interest of i i%. Sh...