a start-up company that makes robotic hardware for CIM ( computer integrated manufacturing) systems borrow $1.2 million to expand its packing and shipping facility. The contract required the company to repay the lender through an innovation mechanism call "faux dividends," a series of uniform annual payments over a fixed period of time. If the company pays$300000 per year for 5 years, what was the interest rate on the loan?
the interest on the loan was
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