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Evaluate the monthly payment for the contract

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Reference no: EM132990318

The AT&T store offers you a contract for your new phone with the present value of $300 with payments expected at the end of each month, for 24 months. The nominal annual interest rate is 3% compounded monthly.

Problem (i) Evaluate the monthly payment for this contract.

Problem (ii) Find the effective annual interest rate on the contract.

Reference no: EM132990318

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