Smith borrows 7000 dollars from Brown at an annual nominal rate of i(12)=0.06 i ( 12 ) = 0.06 , and agrees to make 12 equal monthly payments (the first a month from now) to repay the loan. Immediately after Smith makes the tenth payment, Brown sells the rest of the payments to Jones for 1,419. What is the rate of return (monthly rate) on Jones' investment? Keep at least 6 decimal places in your calculation, and round your answer to 4 decimal places.

Question 3 (1 point) Smith borrows 7000 dollars from Brown at an annual nominal rate of ;(12) = 0.06 , and agrees to make 12 equal monthly payments (the first a month from now) to repay the loan. Immediately after Smith makes the tenth payment, Brown sells the rest of the payments to Jones for 1,419. What is the rate of return (monthly rate) on Jones' investment? Keep at least 6 decimal places in your calculation, and round your answer to 4 decimal places. Your Answer: Answer Question 3 (1 point) Smith borrows 7000 dollars from Brown at an annual nominal rate of ;(12) = 0.06 , and agrees to make 12 equal monthly payments (the first a month from now) to repay the loan. Immediately after Smith makes the tenth payment, Brown sells the rest of the payments to Jones for 1,419. What is the rate of return (monthly rate) on Jones' investment? Keep at least 6 decimal places in your calculation, and round your answer to 4 decimal places. Your