Problem
A local finance company will loan $10,000 to a homeowner. It is to be repaid in 24 monthly payments of $499 each. The first payment is due 30 days after the $10,000 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.