What monthly interest rate is your bank charging you

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Reference no: EM131316634

You purchase a car that costs $25,000 complete (title, license, etc.). Your bank loans you the $25,000, and in return you must make monthly payments of $484.00 per month for five years (60 payments). Based on these data, what monthly interest rate is your bank charging you? Calculate your answer to 2 decimal places (.03438 = 3.438% = 3.44).

Reference no: EM131316634

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