What is the effective annual rate for the payment plan

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Question: You wish to buy a fancy mountain bike. You can either pay $800 cash now, or you can make end-of month payments of $100, 95, 90, 85, . . . , 45 over the next 12 months. What is the effective annual rate for this payment plan? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM132162725

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