Monica Fuentes purchased a new video editing equipment costing $12,000, including taxes and delivery charges. She paid a $3,000 down, and is going to pay 16 payments of $950. Find: How much interest (in percentage) did the borrower pay (I'm talking about the real interest rate)?
Monica Fuentes purchased a new video editing equipment costing $12,000, including taxes and delivery charges. She paid a $3,000 down, and is going to pay 16 payments of $950. Find: How much interest (in percentage) did the borrower pay (I'm talking about the real interest rate)?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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