Question 570702
10 years times 12 months/yr = 120 payments
{{{ 120*122.5 = 14700 }}}
The total interest paid is {{{ 14700 - 8400 = 6300 }}}
This is the interest over 10 yrs, so the annual
interest is {{{ 6300/10 = 630 }}}
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The annual interest rate is {{{ 630/8400 = .075 }}}
The annual interest rate is 7.5%
Hope I got it