Ed Friendly, a car dealer, offers buyers a great deal. He will sell them a car with

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Ed Friendly, a car dealer, offers buyers a great deal. He will sell them a car with a list price of $22,400 for the low monthly lease payment of $399 a month for 60 months.
Required:
Suppose that, at the end of the five year lease, the market value of the car is $7,000. Using Excel, calculate the interest rate implied in the lease.
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Managerial Accounting

ISBN: 978-1118385388

2nd edition

Authors: Ramji Balakrishnan, Konduru Sivaramakrishnan, Geoff B. Sprinkle

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