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4. A used car costing $4,320 is purchased with payments of $200 at the beginning of each month for one year followed by payments of

4. A used car costing $4,320 is purchased with payments of $200 at the beginning of each month for one year followed by payments of $100 at the beginning of each month for two years. Use the cash flow worksheet to determine the effective monthly interest rate. (Answer: 0.75%)

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