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What is the effective interest rate

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Company must lease a machine for NOK 500,000 over four years. The leasing fee will be 11,500 pr. month. In addition, a payment fee of NOK 25 is required each month. Both the leasing fee and the fee are paid in advance. What is the effective interest rate per year when leasing the machine? Ignore taxes.

Reference no: EM132999376

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