What effective annual interest rate are they paying, Microeconomics

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What effective annual interest rate are they paying

Problem

Delta Engineering can buy a computer for $2200 and sell it at the end of the year for $500. Or, they can lease it for $500/quarter. What effective annual interest rate are they paying if they lease the computer?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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