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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Engineering Economy

ISBN: 9780134870069

17th Edition

Authors: William Sullivan, Elin Wicks, C Koelling

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