Multiple Choice
Your child's orthodontist offers you two alternative payment plans.The first plan requires a $3,500 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) 27.18%
B) 23.81%
C) 24.05%
D) 21.41%
E) 19.24%
Correct Answer:
Verified
Correct Answer:
Verified
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