Consolidated Freightways Is Financing a New Truck with a Loan

question 78

Multiple Choice

Consolidated Freightways is financing a new truck with a loan of $60,000 to be repaid in six annual end-of-year installments of $13,375. What annual interest rate is Consolidated Freightways paying?

• A) 7%
• B) 8%
• C) 9%
• D) 10%

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