What is the effective interest rate

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Reference no: EM132154201

Question: You see a car loan advertised with terms of 2.17%. When you visit the dealer and read the fine print, however, you see that the interest is not the annual percentage rate, but the amount the dealer is charging every week. What is the effective interest rate? Use 52 weeks per year to make the calculation Round your answer to two decimal places. Do not use a percentage sign"%") For example, if you calculate 12.34%, enter it as 12.34.

Reference no: EM132154201

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