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b) You are interested in buying a computer that costs $1,500 today. You can choose to buy now and pay later (BNPL) with four quarterly

b) You are interested in buying a computer that costs $1,500 today. You can choose to buy now and pay later (BNPL) with four quarterly instalments of $400. What is the effective annual rate of the purchase using BNPL? Briefly explain your answer. (3 marks)

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