What interest rate per month are they charging, Microeconomics

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What interest rate per month are they charging

Problem

A local finance company will loan $8,000 to a home-owner. It is to be repaid in 24 monthly payment of $498 each. The first payment is due 30 days after the $8,000 is received. What interest rate per month are they charging?

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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