Used in discounting this purchase transaction

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Reference no: EM131496121

Marin Inc. has completed the purchase of new Dell computers. The fair value of the equipment is $854,600. The purchase agreement specifies an immediate down payment of $183,200 and semiannual payments of $78,709 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?

Reference no: EM131496121

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