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What interest rate compounded annually is watson paying

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Question - On September 1, 2014, Watson Company received a loan of $44,940 from One Finance Company. To pay off this loan, Watson Company will have to pay One Finance $10,000 each year for ten years. The first payment is due September 1, 2015. What interest rate compounded annually is Watson paying on this loan?

Reference no: EM132224437

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