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Assume you just received a bill for services you and received and have the following two payment options: option 1 Pay the entire bill of

Assume you just received a bill for services you and received and have the following two payment options: option 1 Pay the entire bill of $600 now OR option 2 Pay $130 now and $130 for each of the next 4 months What annual interest rat (APR) are you paying if you choose option 2? Assume monthly compounding. Round the answer to the nearest two decimal points.

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