You would like to buy an iPad from your friend who is asking $400 for it. However,

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Question:

You would like to buy an iPad from your friend who is asking $400 for it. However, you offer to pay for it in 4 monthly installments of $110 each, and you will pay the first $110 after one month. Find the implied annual interest rate in your offer. (round to nearest whole percent and enter 25% as 25 (no % sign and NOT in decimal form .25)