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Your child's orthodontist offers you two alternative payment plans. The first plan requires a $4,500...

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Finance

Your child's orthodontist offers you two alternative payment plans. The first plan requires a $4,500 immediate up-front payment. The second plan requires you to make monthly payments of $137.41, payable at the end of each month for 3 years. What nominal annual interest rate is built into the monthly payment plan? Please show the working process

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