A stereo priced at $1,057.53 was paid for by 12 monthly payments of $100 with the first payment made one month after the date of purchase. What monthly compounded nominal interest rate was charged?

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The Answer of A stereo priced at $1,057.53 was paid for by 12 monthly payments of $100 with the first payment made one month after the date of purchase. What monthly compounded nominal interest rate was charged?

A Stereo Priced at $1,057