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Recently, Cindy Estes was interested in purchasing a Honida Acura. The salesperson indicated that the price of the car was either $26,300 cash or $7,846
Recently, Cindy Estes was interested in purchasing a Honida Acura. The salesperson indicated that the price of the car was either $26,300 cash or $7,846 at the end of each of 5 years. Compute the effective-interest rate to the nearest percent that Cindy would pay if she chooses to make the five annual payments. (Round answer to 0 decimal places, eg. 7%.) Click here to view factor tables. Interest rate %
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