Question

Dorothy borrows $10,000 from the bank. for a four-year loan, the bank requires annual end-of-year payments of $3,223.73. the annual interest rate on the loan is

Answer 1

Assuming the payments are every year, then it is:

3223.73/10000

=32.24%

Otherwise, it would be
(3223.73/4) / 10000

=8.05%