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For question "Youre prepared to make monthly payments of $260, beginning at the end of...

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Finance

For question "Youre prepared to make monthly payments of $260, beginning at the end of this month, into an account that pays 12 percent interest compounded monthly. How many payments will you have made when your account balance reaches $67,000?" Why do you divide the interest rate by the months (12) ? I thought it's a monthly rate.

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