Annual interest rate of consolidated freightways, Accounting Basics

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Annual interest rate of consolidated freightways

Problem:

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.

Required:

Quesiton: What annual interest rate is Consolidated Freightways paying?

Note: Show supporting computations in good form.

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Accounting Basics: Annual interest rate of consolidated freightways

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Accounting Basics: Annual interest rate of consolidated freightways

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