Find the annual percentage rate

Reference no: EM13161074

The simple interest for buying a passenger transit rail is shown as the product of the principle amount (P), time (in years), and annual rate (R). The City of Phoenix plans to buy five additional mass transit cars for $15 million, and pay off its loan in 10 years. What would the annual percentage rate be if the city plans to make an interest payment of $2 million?

Reference no: EM13161074

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