Math Problem Statement
Jack had a house which got damaged in a storm. He agreed to pay the cost of repairs ($20,000) together with interest in 4 half-yearly instalments of $7,000 each for the repair work. Find the rate of interest he has to pay.
Solution
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Math Problem Analysis
Mathematical Concepts
Finance
Annuities
Interest Rates
Formulas
Present Value of an Annuity formula
Theorems
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Suitable Grade Level
College Level
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