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What is the monthly interest rate on debt

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Bob has a debt of U$ 22,614.48 (18 installments of U$ 1,256.36). If he were to pay today, the outstanding balance would be U$ 19,253.27. Thus, he would have a savings of U$ 3,361.21. Based on the information above, what is the monthly interest rate on the debt?

Reference no: EM133307213

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