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Brief Exercise 6-11 Alan Tylers VISA balance is $1,480.55. He may pay it off in 12 equal end-of-month payments of $140 each.
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Answer #1

Interest rate per month is calculated using the RATE function as follows:-

=RATE(nper,pmt,pv)

=RATE(12,-140,1480.55)

=2%

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