Derek decides to buy a new car. The dealership offers him a choice of paying...
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Accounting
Derek decides to buy a new car. The dealership offers him a choice of paying $554.00 per month for 5 years (with the first payment due next month) or paying some $28,438.00 today. He can borrow monoy from his bank to buy the car. What interest rate makes him indifferent between the two options? Answer format: Porcentage Pound to: 3 decimal places (Example: 9.243%. \%r sign required, Will accept docimal format rounded to 5 decimal places (ex: 0.092431)
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