Bill purchased a vacation lot he saw advertised on television for an $800 down and monthly payments

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Bill purchased a vacation lot he saw advertised on television for an $800 down and monthly payments of $55. When he visited the lot he had purchased, he found it was not something he wanted to own. After 40 months he was finally able to sell the lot. The new purchaser assumed the balance of the loan on the lot and paid Bill $2500. What rate of return did Bill receive on his investment?
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Engineering Economic Analysis

ISBN: 9780195168075

9th Edition

Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle

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