What is the effective annual interest rate on car

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Reference no: EM13192175

A used car dealer advertises financing at 0% interest over 3 years with monthly payments. You must pay a processing fee of $250 at signing. The car you like costs $6000.
a) What is your effective annual interest rate?
b) You believe that the dealer would accept $5200 if you paid cash. What effective annual interest rate would you be paying, if you financed with the dealer?

Reference no: EM13192175

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