Find what is the monthly compounded nominal interest rate

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Problem 1: Tina purchases a new computer by financing it on the? "no payment until next? year" plan. The cash price of the computer is ?$1421. The financing agreement requires equal payments every month for two years. If the first payment of ?$93 is due at the beginning of the month starting one year after the date of? purchase, and interest is 28.0?% compounded monthly during the first? year, what is the monthly compounded nominal interest rate for the following two? years?

Reference no: EM132701870

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