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Foodsource company purchased a sanitizing machine from the manufacturer by agreeing to pay $ 1 5 , 0 0 0 every three months during the

Foodsource company purchased a sanitizing machine from the manufacturer by agreeing to pay $

15, 000

every three months during the next three years beginning three months after the purchase date. The effective market interest rate for this type of purchase arrangement is

8 % .

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