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What is the effective annual rate

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Reference no: EM131809163

A car dealer offers a $1500 rebate if you pay cash (or borrow the money elsewhere) for a $9500 car you are considering. Or, the dealer offers financing with .75% per month interest with monthly payments for 3 years. The dealer also requires a 10% down payment. What is the effective annual rate for the dealer's car loan?

Reference no: EM131809163

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