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What is the effective annual rate of interest on the loan

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Question - You purchased a car for $32,500 with no down payment. You plan to pay it off with monthly payments of $850 in 4 years. What is the effective annual rate of interest on the loan?

8.81%

12.27%

14.16%

13.20%

10.50%

11.37%

Reference no: EM132051620

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