A broadband service company borrowed $2 million for new equipment and repaid the loan in amounts of $219,000 in years 1 and 2 plus a lump sum amount...
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A broadband service company borrowed $2 million for new equipment and repaid the loan in amounts of $219,000 in

years 1 and 2 plus a lump sum amount of $2.3 million at the end of year 3. What was the interest rate on the loan?

 

 

The rate of interest on the loan was


What formula is used to solve this?

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