At what effective interest rate are these terms equivalent, Microeconomics

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At what effective interest rate are these terms equivalent

Problem

The cash price of a machine tool is $3500. The dealer is willing to accept a $1200 down payment and 24 end-of-month monthly payments of $110 each. At what effective interest rate are these terms equivalent?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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