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Business, 16.04.2020 04:56 elijahbebeastin

Your child's orthodontist 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%

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