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Manning Inc. has completed the purchase of new Surface computers. The fair value of the equipment is $414, 625. The purchase agreement specifies an immediate down payment of $100,000 and semiannual payments of $38, 746 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? Interest rate 6 % semiannually.

Accounting Basics, Accounting

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