At the Central Furniture Company, customers who purchase on credit pay an effective annual interest rate of

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At the Central Furniture Company, customers who purchase on credit pay an effective annual interest rate of 16.1%, based on monthly compounding. What is the nominal annual interest rate that they pay?
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Engineering Economic Analysis

ISBN: 9780195168075

9th Edition

Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle

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