An outright purchase of 20000 now can be traded for 30


An outright purchase of $20,000 now can be traded for 30 equal payments of $893 per month, starting one month from now. What is the monthly interest rate that establishes equivalence between these two payment plans?

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Business Economics: An outright purchase of 20000 now can be traded for 30
Reference No:- TGS01178994

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