London Motors sells a $20,000 car for $470 per month for 48 months. What is the interest rate? 6.54 percent 14.45 percent 8.95 percent 7.15 percent 6.03 percent

Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter21: Supply Chains And Working Capital Management
Section: Chapter Questions
Problem 6P
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London Motors sells a $20,000 car for $470 per month for 48 months. What is the
interest rate?
6.54 percent
14.45 percent
8.95 percent
7.15 percent
6.03 percent
Transcribed Image Text:London Motors sells a $20,000 car for $470 per month for 48 months. What is the interest rate? 6.54 percent 14.45 percent 8.95 percent 7.15 percent 6.03 percent
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