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If a furniture retailer offers a financing plan on a $1500 purchase requiring four equal...

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Accounting

  1. If a furniture retailer offers a financing plan on a $1500 purchase requiring four equal quarterly payments of $400 including the first payment on the purchase date, what effective rate of interest is being charged on the unpaid balance?

(Total: 6 marks)

Interim calculations should be to 4 decimal places; final answer to .01%

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