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A merchandise is being advertised by a store for the value of 7.800$ that can be paid without interest in 35 installments of $ 100,

A merchandise is being advertised by a store for the value of 7.800$ that can be paid "without interest" in 35 installments of $ 100, the first being paid in 30 days.You went to negotiate with the store and got an 7% cash discount.What is the effective monthly compound interest rate that is included in this "interest-free" payment plan?

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