Question
Recently, Amy Estes was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was either $28,900 cash or $7,400
Recently, Amy Estes was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was either $28,900 cash or $7,400 at the end of each of 5 years. Compute the effective-interest rate to the nearest percent that Amy would pay if she chooses to make the five annual payments. (Round answer to 0 decimal places, e.g. 7%.)
Interest rate
%
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Fundamentals Of Financial Accounting
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
7th Edition
1265440166, 978-1265440169
