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What is the equivalent annual percentage rate on loan

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Reference no: EM132575096

You are considering buying a new car. The sticker price is $37,750 and you have $5,000 to put toward a down payment. If you can negotiate a Flat interest rate of 6 percent and you wish to pay for the car over a 4-year period. What is the equivalent Annual Percentage Rate on this loan?

Reference no: EM132575096

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