Callahan Construction borrowed $2.6 million to finance the construction of an entertainment complex in a smart community development project. The company made “interest only” payments of $312,000 each year for 3 years and then repaid the principal in a single lump sum payment of $2.6 million. What was the interest rate on the loan?
What will be an ideal response?
Interest rate = interest paid/principal
= (312,000/2,600,000)
= 0.12 (12%)
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