Annual interest rate compounded monthly

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A motorcycle is for sale for $2600. The dealer is willing to sell it with no down payment; pay $44 at the end of each of the first 4 months; and then pay $84 at the end of each month after that until the loan has been paid off.

At a 12% annual interest rate compounded monthly, how many $84 payments will be required?

Reference no: EM131101804

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