What is the yearly interest rate being offered by the dealer

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Reference no: EM131868619

A businessman wants to buy a truck. The dealer offers to sell the truck for either$124,000 now, or 6 yearly payments of $25,059, with the first payment one year after the purchase of the truck. What is the yearly interest rate being offered by the dealer(to the customer) in %? (Round your final answer to two decimal places, i.e., XX.XX%.)

Reference no: EM131868619

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