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10) You are considering leasing a car for 60 months. The advertisement says that the monthly payments are $499 with $5,000 down at signing. Your

10) You are considering leasing a car for 60 months. The advertisement says that the monthly payments are $499 with $5,000 down at signing. Your internet research indicates that the market value of the car is $35,000, and that the expected market value in 5 years will be $10,000. What is the effective annual rate (EAR) that you are paying for this lease?

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