Raymond's Leasing Company signed an agreement to lease an asset that has a fair value of $800,000 on December 31, 2014. The lease will be paid in seven equal annual payments of $138,730, beginning on December 31, 2014. The interest rate included in the lease agreement is
A) 8%
B) 7%
C) 6%
D) 5%

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The Answer of Raymond's Leasing Company signed an agreement to lease an asset that has a fair value of $800,000 on December 31, 2014. The lease will be paid in seven equal annual payments of $138,730, beginning on December 31, 2014. The interest rate included in the lease agreement is
A) 8%
B) 7%
C) 6%
D) 5%

Raymond's Leasing Company Signed an Agreement to Lease an Asset