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2. A new car dealer advertises financing at 6% (annual) interest over 3 years with monthly payments or a $2,000 rebate if you pay cash.

2. A new car dealer advertises financing at 6% (annual) interest over 3 years with monthly payments or a $2,000 rebate if you pay cash. The car you like costs $32,000. At what effective annual interest rate are these terms equivalent

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