Please use the following facts to analyze this nest two questions:
Assume you just received a bill for services you and have the following two payment options:
Pay the entire bill of $600 now
$130 for each of the next 4 months
What annual interest rate (APR) are you paying if you choose Option 2? Assume monthly compounding. Round you answer to the nearest two decimal points. Do not use $, commas or %. For example, 25.34% would be entered as 25.34.