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What the interest rate implicit in this lease

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Question - An office equipment representative has a machine for sale or lease. If you buy the machine, the cost is $7,596. If you lease the machine, you will have to sign a non-cancellable lease and make five payments of $2,000 each. At the time of the last payment you will receive title to the machine. The first payment will be paid on the first day of the lease. What the interest rate implicit in this lease?

A. 10%

B. 12%

C. Between 10% and 12%

D. 16%

Reference no: EM132899440

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