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Interest rate in annuity-what is the monthly interest rate

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Interest rate in an annuity.

Please show how to use A FORMULA AND A CALCULATOR TO SOLVE THIS PROBLEM.

“Suppose you borrow $18,000 from your grandma to redo your kitchen floors. You agree to pay $200 per month for 15 months. What is the monthly interest rate?”

Reference no: EM131837567

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