An outright purchase of 20000 now a lump sum payment can be


An outright purchase of $20,000 now (a lump sum payment) can be traded for 24 equal payments of $941.47 per month, starting one month from now. What is the monthly interest rate that establishes equivalence between these two payment plans?

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Business Economics: An outright purchase of 20000 now a lump sum payment can be
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