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7.41 A used car dealer advertises financing at 0 percentage interest over 3 years with monthly payments. You must pay a processing fee of dollar
7.41
A used car dealer advertises financing at 0 percentage interest over 3 years with monthly payments. You must pay a processing fee of dollar 500 at signing. The car you like costs dollar 9000. What is your effective annual interest rate? You believe that the dealer would accept dollar 8200 if you paid cash. What effective annual interest rate would you be paying, if you financed with the dealerStep by Step Solution
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