Your child’s orthodontist offers you two alternative payment plans. The first plan requires a $4,000 immediate up-front payment. The second plan requires you
to make monthly payments of $137.41, payable at the end of each month for 3 years. What nominal annual interest rate is built into the monthly payment
plan?
I know the answer is :14.36%
I would really like to know the steps that it took to get to that answer. If you could please show your work that would be greatly appreciated.
