Solved: Determine the rate of return of an annuity, Finance Basics

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Determine the rate of return of an annuity

Problem: (Rate of return of an annuity)

Paul's Perfect Peugeot says they'll sell you a brand new Italian's Iron Man motor scooter for $1699. Financing is available, and the terms are 10% down and payments of $46.57 a month for 40 months. What annual interest rate is Paul charging you?

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Finance Basics: Determine the rate of return of an annuity

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Finance Basics: Determine the rate of return of an annuity

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