What monthly interest rate would make the renter


An apartment is offering an opportunity for renters to pay a year’s worth of rent in advance. Currently, rent is $884.00 per month and is due at the first of every month. (ANNUITY DUE). The complex has offered renters the opportunity to pay $9,328.00 in advance if they pay TODAY.

What monthly interest rate would make the renter indifferent between the two options?

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Financial Management: What monthly interest rate would make the renter
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