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2.18. Loan amortization, interest rate? You would like to buy an iPad from your friend who is asking $400 for it. However, you offer

2.18. Loan amortization, interest rate? You would like to buy an iPad from your friend who is asking $400 for it. However, you offer to pay for it in 3 monthly installments of $140 each, and you will pay the first $140 after one month. Find the implied annual interest rate in your offer.

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