If the interest rate is 12 what is the annual equivalent, Financial Management

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If the interest rate is 12 what is the annual equivalent

The initial cost of a pickup truck is $12658 and will have a salvage value of $4488 after five years. Maintenance is estimated to be a uniform gradient amount of $143 per year, with zero dollar for first year maintenance. The operation cost is estimated to be $0.38 per mile for 164 miles per month. If the interest rate is 12%, what is the annual equivalent cost (AEC) for the truck?

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Financial Management: If the interest rate is 12 what is the annual equivalent

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