A broadband service company borrowed $2 million for new equipment and repaid the loan in amounts of $219,000 in years 1 and 2 plus a lump sum amount of $2.3 million at the end of year 3. What was the interest rate on the loan

12.15%

Explanation:

The interest rate on the loan is the rate that solves the equation

Where P = loan amount

A = the annual repayment for each year

r = the interest rate

Using interpolation or a financial calculator, the rate that solves the equation is 12.148504% = 12.15%.

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%

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