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What is the interest rate

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Q1. Fishbone Corporation purchased a special tractor on December 31, 2014. The purchase agreement stipulated that Fishbone should pay $22,680 at the time of purchase and $5,360 at the end of each of the next 12 years. The tractor should be recorded on December 31, 2014, at what amount, assuming an appropriate interest rate of 11%?

Q2. Dubois Inc. has completed the purchase of new Dell computers. The fair value of the equipment is $817,000. The purchase agreement specifies an immediate down payment of $238,800 and semiannual payments of $67,783 beginning at the end of 6 months for 5 years. What is the interest rate, to the nearest percent, used in discounting this purchase transaction?

Reference no: EM132091193

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