At what effective interest rate are given terms equivalent

Reference no: EM132161008

Question: The cash price of a machine tool is $3500. The dealer is willing to accept a $1200 down payment and 24 end-of-month monthly payments of $110 each. At what effective interest rate are these terms equivalent? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM132161008

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