A new high-definition television costing $$ 2,999$ is on a rent-to-own plan and is to be paid
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A new high-definition television costing $\$ 2,999$ is on a rent-to-own plan and is to be paid in 18 end-of-month payments (starting one month from now). The monthly payments are determined as follows:
What is the monthly payment for this system? What are the nominal and effective annual interest rates $a c$ tually being paid by the owner?
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