Problem
You wish to buy a fancy mountain bike. You can either pay $800 cash now, or you can make end-of month payments of $100, 95, 90, 85, . . . , 45 over the next 12 months. What is the effective annual rate for this payment plan?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.