A finance company paid a merchant $3,975 for a conditional sale contract after discounting it to yield 18% compounded monthly. If the contract is for 20 monthly payments of $256.96 following a payment-free period, what is the time interval between the date of sale and the first payment?

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The Answer of A finance company paid a merchant $3,975 for a conditional sale contract after discounting it to yield 18% compounded monthly. If the contract is for 20 monthly payments of $256.96 following a payment-free period, what is the time interval between the date of sale and the first payment?

A Finance Company Paid a Merchant $3,975 for a Conditional