Question about Sharp EL-733A Calculator
How do you calculate the following:
Company L enters into an agreement with Company B to lend it $1m - The interest to be paid is 5% for each of the first 2 years and 7% for each of the next 2 years, annually in arrears. The loan must be repaid after 4 years. My text states that using a financial calculator the effective interest rate is calculated as 5.24%
How is this calculated?
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