A data analyst decided to do all design work from home and wants to create a home office. The analyst needs a new computer for $1,900 and printer/scanner for $250. A vendor offers a financing option of a monthly installment of $99 for a period of 24 months. First payment is due at the end of the month of purchase. The vendor will accept either a cash payment upfront or financing over 24 months as mentioned earlier. Rationally, for the vendor, it does not make an economic difference if the customer chooses to pay now or financing (options are equivalent. Therefore, [a] What is the monthly interest rate implied in the vendor's offer? [b] If the engineer requested a 6-month installment period (still monthly payments but only for 6 months) instead of 24 months and the vendor agrees for the same interest rate as part [a] what would be the monthly payment be in this case?