Problem 3 Honest Joes Used RVs offers the following payment options for a...
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Problem Honest Joes Used RVs offers the following payment options for a used Freedom SO: $ in cash today; $ down payment right now and then $ monthly for the next three years ie payments of $ with the first payment due one month from today What effective monthly interest rate is he charging in the second payment option? Note: You can use the IRR function or Goal Seek or Solver in Excel to solve this problem.
Problem
Honest Joes Used RVs offers the following payment options for a used Freedom SO:
$ in cash today;
$ down payment right now and then $ monthly for the next three years ie payments of $
with the first payment due one month from today
What effective monthly interest rate is he charging in the second payment option? Note: You can use the IRR
function or Goal Seek or Solver in Excel to solve this problem.
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