What is the effective interest per year

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Reference no: EM13907126

George bought a car for $26,500. He made a down-payment of $4,500 and financed the rest on a 5-year term with a monthly payment of $575.

What is the effective interest per year?

a. 20.08%/year

b. 20.47%/year

c. 20.83%/year

d. 21.34%/year

Reference no: EM13907126

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