What rate of return did bill receive on his investment

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Question - Bill bought a vacation lot he saw advertised on television for $800 down and monthly payments of $55. When he visited the lot, he found it was not something he wanted to own. After 40 months he was finally able to sell the lot. The new owner assumed the balance of the loan on the lot and paid Bill $2500. What rate of return did Bill receive on his investment?

Reference no: EM132162244

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