E6-9B (Unknown Rate) HSU Company purchased a machine at a price of $200,000 by signing a note payable, which requires a single payment of $246,420 in 2 years.

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E6-9B (Unknown Rate) HSU Company purchased a machine at a price of $200,000 by signing a note payable, which requires a single payment of $246,420 in 2 years. Assuming annual compounding of interest, what rate of interest is being paid on the loan?

    • 12 years ago
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