Question: Question 18 Recently, Cindy Estes was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was either $25,000 cash

Question 18

Recently, Cindy Estes was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was either $25,000 cash or $6,300 at the end of each of 5 years. Compute the effective-interest rate to the nearest percent that Cindy would pay if she chooses to make the five annual payments. (Round answer to 0 decimal places, e.g. 7%.)

Interest rate?

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