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Assume that a company is planning to acquire a new telephone system. The system can be purchased for $8,085.96. It can be leased for 60

Assume that a company is planning to acquire a new telephone system. The system can be purchased for $8,085.96. It can be leased for 60 months on a capital lease for $371.92 down (an initial payment at the time of the lease) and $185.96 per month. What is the interest rate embedded in this lease agreement?

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