What was the interest rate the company was charged

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Question: An online news company borrowed $3 million for new equipment and repaid the loan as follows: $300,000 paid in year 1; $450,000 per year from years 2 to 5; plus a final payment of $1.3 million at the end of year 6. What was the interest rate the company was charged on the loan? (report it as a percentage; use up to two decimal places)

Reference no: EM132024922

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