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can you help me with the calculation of effective interest rate
A loan of £60 million was taken out on 1 August 2013 to help finance the acquisition. The loan carries an annual interest rate of 6%, with interest payments made annually in arrears. The loan will be repaid in 20 years at a premium of £5 million.
Surely the effective interest rate is given in the question
Where is this question from?
this was a classwork. not from any past papers. just wondering how to find the effective interest rate
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