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Please show any formulas and steps 1) Some laboratory equipment sells for $85,000. The manufacturer offers financing at 6% with annual payments for 5 years

Please show any formulas and steps

1) Some laboratory equipment sells for $85,000. The manufacturer offers financing at 6% with annual payments for 5 years for up to $65,000 of the cost. The salesman is willing to cut the price by 10% if you pay cash. What is the interest rate you would pay by financing?

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