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PLEASE ANSWER ASAP. THANK YOU! Tina purchases a new computer by financing it on the no payment until next year plan. The cash price of
PLEASE ANSWER ASAP. THANK YOU!
Tina purchases a new computer by financing it on the no payment until next year plan. The cash price of the computer is $1211. The financing agreement requires equal payments every month for two years. If the first payment of $83 is due at the beginning of the month starting one year after the date of purchase, and interest is 24.8% compounded monthly during the first year, what is the monthly compounded nominal interest rate for the following two years?
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