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Your child's orthodontist offers you two alternative payment plans. The first plan requires a $4,400 immediate up-front payment. The second plan requires you to make

Your child's orthodontist offers you two alternative payment plans. The first plan requires a $4,400 immediate up-front payment. The second plan requires you to make monthly payments of $144.09, payable at the end of each month for 3 years. What nominal annual interest rate is built into the monthly payment plan?

a. 11.69%
b. 11.02%
c. 5.64%
d. 8.70%
e. 19.09%

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