1. You are considering purchasing land for investment. The current landowner is willing sell you...
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Accounting
1. You are considering purchasing land for investment. The current landowner is willing sell you the land in exchange for a $90,000 note payable over 8 years. The landowner would require a payment of $13,925 at the end of each year for 8 years. Calculate the annual interest rate on this loan. (hint: this is an internal rate of return problem)
Interest rate:___________________
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