Poor Dog, Inc. borrowed $135,000 from the bank today. They must repay this money over the next six years by making monthly payments of $2,215.10. What is the interest rate on the loan?

A) 4.71%
B) 5.65%
C) 6.13%
D) 6.38%
E) 9.63%

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Poor Dog, Inc. borrowed $135,000 from the bank today. They must repay this money over the next six years by making monthly payments of $2,215.10. What is the interest rate on the loan?

A) 4.71%
B) 5.65%
C) 6.13%
D) 6.38%
E) 9.63%

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Learning Objectives

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Poor Dog, Inc. borrowed $135,000 from the bank today. They must repay this money over the next six years by making monthly payments of $2,215.10. What is the interest rate on the loan?A) 4.71%B) 5.65%C) 6.13%D) 6.38%E) 9.63%

Definitions

Learning Objectives

Learning Objectives

Related questions

Poor Dog, Inc. borrowed $135,000 from the bank today. They must repay this money over the next six years by making monthly payments of $2,215.10. What is the interest rate on the loan?

A) 4.71%
B) 5.65%
C) 6.13%
D) 6.38%
E) 9.63%