Day 24

Task:

You handle purchasing at a mid-size manufacturing company evaluating a lease-to-own offer on a warehouse forklift. The equipment dealer will finance $18,500, repayable in 60 monthly installments of $365 — but the offer sheet never states an interest rate, and procurement wants one before they can compare it against the company's bank line at 8% APR. Work out the rate the dealer is actually charging: the monthly rate in B5, and the annual rate it implies in B6.