Multiple Choice
Titanic Corporation leased executive limos under terms of $20,000 down and four equal annual payments of $30,000 on the anniversary date of the lease.The interest rate implicit in the lease is 11%.The first year's interest expense would be:
A) $13,200.
B) $10,238.
C) $33,200.
D) $15,543.
Correct Answer:
Verified
Correct Answer:
Verified
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