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A dealer sells an article for GH600. He will allow you to buy it for GH240 down, with the balance to be paid in GH30

A dealer sells an article for GH600. He will allow you to buy it for GH240 down, with the balance to be paid in GH30 monthly installments for a year. If you pay cash, he will give you a 10% discount. a. what is the interest rate j12 paid by the purchaser who uses the installments plan? b. what is the annual effective rate being charged on the installment plan?

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