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A businessman wants to buy a truck. The dealer offers to sell the truck for either $ 1 1 0 , 0 0 0 now,

A businessman wants to buy a truck. The dealer offers to sell the truck for either $

110, 000

now, or five,

5, 7.2

yearly payments of $

18, 750 .

Which of the following is closest to the interest rate being offered by the dealer?

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