(6) Monthly Explain why the answer in (b) is larger. $-14 On February 1, the Miro Company needs to purchase some office equipment. The company is short of cash and expects to be short for several months. The trea- surer has said that he could pay for the equipment as A follows: Date Payment $100 April 1 June 1 Aug. 1 Oct. 1 Dec. 1 220 340 460 580 A local office supply firm will agree to sell the equipment to Miro now and accept payment according to the treasurer's schedule. If interest will be charged at 2.5% every 2 months, with com- pounding once every 2 months, how much office equipment can the Miro Company buy now? What is the effective interest rate