Multiple Choice
Lilly Company purchases land with a fair market value of $49,175, paying for it by signing a note payable requiring cash payments of $10,000 at the end of each year for six years. What is the interest rate implicit in the note?
A) 5%.
B) 6%
C) 7%
D) 8%.
Correct Answer:
Verified
Correct Answer:
Verified
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