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Recently, Carla Estes was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was eithe $25,400 cash or $6,400

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Recently, Carla Estes was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was eithe $25,400 cash or $6,400 at the end of each of 5 years. Compute the effective-interest rate to the nearest percent that Carla would pay if she chooses to make the five annual payments. (Round answer to 0 decimal places, e.g. 7%.) Click here to view factor tables Interest rate %

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