The jasmine tea company purchased merchandise from a supplier for $46,700. payment was a noninterest-bearing note requiring jasmine to make five annual payments of $12,000 beginning one year from the date of purchase. what is the interest rate implicit in this agreement?

Implicit interest= 28.48%

Explanation:

Giving the following information:

The Jasmine Tea Company purchase merchandise from a supplier for $46,700.

Payment is five annual payments of $12,000 beginning one year from the date of purchase.

The total payment is= 12000*5= $60000

Implicit interest= (60000/46700)-1= 28.48%

answer; ///hong kong;