You buy a $25,000 piece of equipment for nothing down and $5,500 per year for 6 years.
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You buy a $25,000 piece of equipment for nothing down and $5,500 per year for 6 years. What interest rate are you paying? The formula relating present worth P, annual payments A, number of years n, and interest rate iis
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i(1 +i)" A = P (1+i)" - I
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Related Book For
Numerical Methods For Engineers
ISBN: 9780071244299
5th Edition
Authors: Steven C. Chapra, Raymond P. Canale
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