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1) The policy of a store is to charge 1.25% interest each month on the balance not paid. A) Determine the annual nominal interest rate
1) The policy of a store is to charge 1.25% interest each month on the balance not paid.
A) Determine the annual nominal interest rate
B) Determine the annual effective interest rate
C) If you make a purchase in the amount of $100 and the repayment is made at the end of the sixth month, determine the amount paid for interest
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