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1 5. You just received your car insurance bill. The company gives you a choice of (1) paying the $429 annual premium now or (2)

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1 5. You just received your car insurance bill. The company gives you a choice of (1) paying the $429 annual premium now or (2) paying the premium with three monthly installments (starting today). If you elect option 2, a $7.50 carrying charge will be added to each of the three payments. What interest rate will you be paying if you elect option 2

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