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What is the nominal monthly interest rate

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Reference no: EM132966070

Problem 1: Warren Cameron buys a motorboat for $6,000, paying $1,000 deposit. The remainder is borrowed from the Monash Bank to be repaid by 15 monthly payments of $405.50 each. What is the nominal monthly interest rate?

Select one:

a. 2.56%
b. 1.59%
c. 3.6%
d. 30.7%
e. None of the above

Reference no: EM132966070

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