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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Numerical Methods For Engineers

ISBN: 9780071244299

5th Edition

Authors: Steven C. Chapra, Raymond P. Canale

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Question Posted: Nov 17, 2011 10:44 AM

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You buy a $25,000 piece of equipment for nothing down and $5,500 per year for 6 years.

Question:

i(1 +i)" A = P (1+i)" - I

Step by Step Answer:

The solution can be formulated as A ...View the full answer

Numerical Methods For Engineers

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