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What is the effective monthly compound interest rate

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A merchandise is being advertised by a store for the value of 6,700 that can be paid "without interest" according to the merchant's announcement in 67 installments of $ 100, the first being paid in 30 days. You went to negotiate with the store and got an 5% cash discount. What is the effective monthly compound interest rate that is included in this "interest-free" payment plan?

Reference no: EM132607735

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