For each question, first write down the equation that IRR satisfies and, if

needed, you could use Excel or calculator to estimate the solution.

Find the rate of return for the following cash flows:

A new car dealer advertises financing at $6\%($annual$)$ interest over $3$ years with monthly

payments or a $$3,000$ rebate if you pay cash. The car you like costs $$32,000.$ At what

effective annual interest rate are these terms equivalent?

Consider two mutually exclusive alternatives:

If $15\%$ is considered the minimum attractive rate of return $($MARR$),$ which alternative

should be selected?