What effective rate of interest is paid by members, Accounting Basics

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What effective rate of interest is paid by members

Problem

Lahore Gym allows members to pay the members to pay the annual membership fee by a single payment of $240 at the beginning of the year, or by payments of $22 at the beginning of each month. What effective rate of interest is paid by members, who choose to pay by month?

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Accounting Basics: What effective rate of interest is paid by members

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