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Note: the Calculations for This Question Were Done Using Excel's

Question 61

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Note: The calculations for this question were done using Excel's RATE function.
What is the effective rate of interest charged on a lease valued at $17 040.00 if payments of $1180.00 are made at the beginning of each 3 months for four years?

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Nper 16
Pmt -1180.00
PV 17040....

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