Wildhorse Company purchased a machine at a price of $109,900 by signing a note payable, which requires a single payment of $142,324 in 3 years. Click here to view factor tables. Assuming annual compounding of interest, what rate of interest is being paid on the loan? (Round factor values to 5 decimal places e.g. 1.25124 and final answer to O decimal places, e.g. 13%.) Rate of interest %
Wildhorse Company purchased a machine at a price of $109,900 by signing a note payable, which requires a single payment of $142,324 in 3 years. Click here to view factor tables. Assuming annual compounding of interest, what rate of interest is being paid on the loan? (Round factor values to 5 decimal places e.g. 1.25124 and final answer to O decimal places, e.g. 13%.) Rate of interest %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Wildhorse Company purchased a machine at a price of $109,900 by signing a note payable, which requires a single payment of
$142,324 in 3 years.
Click here to view factor tables.
Assuming annual compounding of interest, what rate of interest is being paid on the loan? (Round factor values to 5 decimal places,
e.g. 1.25124 and final answer to O decimal places, e.g. 13%.)
Rate of interest
%
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