Question: Mary Ann bought a new computer for $2,000 and financed the entire purchase price at a nominal rate of interest payable 12 times per year

Mary Ann bought a new computer for $2,000 and financed the entire purchase price at a nominal rate of interest payable 12 times per year at 9% per annum.

She repaid her loan in 4 years with 48 equal monthly payments at the end of each month.

What was the average interest paid during a month for the first 47 months of the loan?

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