Previously, the annual passes for the New York Giants in the blue secon of MetLife Stadium were priced at $2000. The new pricing scheme reveals a 5% hike in the costs for attending Giants' matches this season. You're presented with two payment choices: either sele the full amount for the season ckets upfront or opt for a series of 14 equal monthly payments, with each installment cosng $190, commencing right away. 

What is the Effective Annual Rate (EAR) encapsulated in the monthly payment strategy?

Answer rating: 100% (QA)

To calculate the Effective Annual Rate EAR for the monthly payment strategy we first need to find ... View the full answer