Problem
Some laboratory equipment sells for $75,000. The manufacturer offers financing at 8% with annual payments for 4 years for up to $50,000 of the cost. The salesman is willing to cut the price by 10% if you pay cash. What is the interest rate you would pay by financing?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.