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What is the maximum monthly compounded interest rate

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Question - In an effort to clear out last year's vehicle inventory, Northside Ford advertises a vehicle at $46,500 with 0% financing for five years of end-of-month payments. Alternatively, consumers can pay cash and receive a $6,000 rebate. What is the maximum monthly compounded interest rate that a bank could charge that would result in equal or lower monthly payments?

Reference no: EM132925314

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