On January 1, 2024, ZZ, Inc. took out a bank loan. The loan required annual...
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On January 1, 2024, ZZ, Inc. took out a bank loan. The loan required annual payments of $26,500, with the first payment being due December 31, 2024. In its 2025 statement of cash flows, ZZ, Inc. reported a cash outflow from operating activities of $14,292 related to this loan. In its 2026 statement of cash flows, ZZ, Inc. had a cash outflow from financing activities of $13,306.72 related to this loan. The loan balance at December 31, 2026, after the third loan payment was made, totaled $133,285.28 Calculate the interest rate on this loan. Enter your answer as a number. Do not enter the percentage symbol and do not enter your answer as a decimal. For example, if your
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