Carondelet Hospital is evaluating a lease arrangement for its ambulance fleet. The total value of the lease is $420,000. The hospital will be making equal monthly payments starting today.
a. What is the monthly interest rate if the lease payments are $24,000 per month for twenty-four months?
b. What is the monthly interest rate if the lease payments are $24,000 per month for thirty-six months?
c. What is the monthly interest rate if the lease payments are $30,000 per month for thirty-six months?