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You purchase a car for $20,000 with nothing down. If you make 6 annual payments of $4300, what interest rate i to 3 significant
You purchase a car for $20,000 with nothing down. If you make 6 annual payments of $4300, what interest rate i to 3 significant figures accuracy are you paying? The formula for calculating annual payments A based on the initial cost Co, the interest rate i and the number annual payments n is given as (i/100)(1+i/100)" (1+i/100)" -1 How can you develop a starting point for the iterative search for i for this problem? A = Co
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Concepts In Federal Taxation
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
19th Edition
978-0324379556, 324379552, 978-1111579876
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