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?
A)12.31%
B)12.96%
C)13.64%
D)14.36%

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The Answer of 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?
A)12.31%
B)12.96%
C)13.64%
D)14.36%

Your Child's Orthodontist Offers You Two Alternative Payment Plans