Bishop Sheen Hospital is evaluating a lease arrangement for its ambulance fleet. The total value of the lease is $620,000. The hospital will be making equal monthly payments starting today.
a. What is the monthly interest rate if the lease payments are $50,000 per month for twenty-four months?
b. What is the monthly interest rate if the lease payments are $50,000 per month for thirty-six months?
c. What is the monthly interest rate if the lease payments are $60,000 per month for thirty-six months?
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