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At Peturske's Warehouse, the forklift needs major repair. A new forklift can be purchased at...

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Accounting

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At Peturske's Warehouse, the forklift needs major repair. A new forklift can be purchased at a current cost of $38,200. If the new forklift is purchased, month-end payments of $926 would start in two years, and continue for five years. Interest for the first two years is charged at 6.47% compounded annually. a.) What is the amount of the debt after the deferral period? b.) What is the nominal annual rate of interest during the payment period? Correct to exactly 4 decima, places. c.) What is the effective annual rate of interest during the payment period? Correct to exactly 4 decimal places

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