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Finite Mathematics

15. A discount electronics store offers to let you pay for a ?$1000 stereo in 12 equal ?$87 installments. The store claims that since you repay ?$1044 in 1? year, the ?$87 finance charge represents a 4.4?% annual rate. This would be true if you repaid the loan in a single payment at the end of the year. But since you start repayment after 1? month, this is an amortized? loan, and 4.4?% is not the correct rate. What is the annual nominal compounding rate for this? loan? Use graphical approximation techniques or an equation solver to approximate the interest rate. Express the answer as a percentage.

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