Solved: Nominal and effective annual interest rate, Finance Basics

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Nominal and effective annual interest rate

Problem:

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 and effective annual interest rate is built into the monthly payment plan?

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Finance Basics: Nominal and effective annual interest rate

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