4-32. An outright purchase of $20,000 now (a lump-sum payment) can be traded for 24 equal payments...
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4-32. An outright purchase of $20,000 now (a lump-sum payment) can be traded for 24 equal payments of $941.47 per month, starting one month from now. What is the monthly interest rate that establishes equivalence between these two payment plans? (4.7)
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Related Book For
Engineering Economy
ISBN: 9780134870069
17th Edition
Authors: William Sullivan, Elin Wicks, C Koelling
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