The annual rate of Interest being paid is 2%
The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate. The total interest on a loaned or borrowed sum is determined by the principal amount, the interest rate, the frequency of compounding, and the period of time the loan, deposit, or borrowing took place.
The amount borrowed = PV = $10,000
The amount to be paid = PMT = $323.53
Time = nper = 60 months
Future Value = FV = )
We can use, the excel formula for computing the rate -
= Rate(nper,Pmt,pv,fv,type)
Substituting the values -
= Rate (60,323.53,-10,000,0)
We will get -
= 2%
The rate of interest is 2%, which is monthly to be paid.
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