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What is the interest rate used in discounting the purchase

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Problem 1: Metlock Inc. has completed the purchase of new Dell computers. The fair value of the equipment is $807,667. The purchase agreement specifies an immediate down payment of $196,000 and semiannual payments of $75,413 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: EM132646538

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