At Petruskes Warehouse, the forklift needs major repair. A new forklift can be purchased at a current

Question:

At Petruske’s Warehouse, the forklift needs major repair. A new forklift can be purchased at a current cost of $28 000. If the new forklift is purchased, month-end payments of $679 would start in two years, and continue for five years. Interest for the first two years is charged at 8.32% compounded annually. What is the monthly compounded interest rate for the payment period?

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