Multiple Choice
The store where you bought new home furnishings offers you two alternative payment plans.The first plan requires a $4,000 immediate up-front payment.The second plan requires you to make monthly payments of $137.41, payable at the end of each month for 3 years.What nominal annual interest rate is built into the monthly payment plan?
A) 12.31%
B) 12.96%
C) 13.64%
D) 14.36%
E) 15.08%
Correct Answer:
Verified
Correct Answer:
Verified
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