Compute the effective interest rate to the nearest percent


1. Recently Vickie Maher was interested in purchasing a Honda Acura. The salesperson indicated that the price of the car was either $27,000 cash or $6,900 at the end of each of 5 years. Compute the effective interest rate to the nearest percent that Vickie would pay if she chooses to make the five annual payments. 

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Accounting Basics: Compute the effective interest rate to the nearest percent
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