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Memphic Memphic
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5 years ago
You are looking for a new truck and see the following advertisement.  "Own a new truck!  No money down.  Just five easy annual payments of $8000."  You know that you can get the same truck from the dealer across town for only $31,120.  The interest rate for the deal advertised is closest to:
A) 9%
B) 8%
C) 8.5%
D) 10%
Textbook 
Corporate Finance: The Core

Corporate Finance: The Core


Edition: 4th
Authors:
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deusmarotodeusmaroto
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5 years ago
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More solutions for this book are available here
A
Explanation:  A) PV = 31120
FV = 0
N = 5
PMT = -8000
Compute I = 8.9965%

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