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A car valued at $11,300 can be purchased for 5% down and monthly payments of $170 for six years. What is the nominal rate of

A car valued at $11,300 can be purchased for 5% down and monthly payments of $170 for six years. What is the nominal rate of interest compounded annually?

The nominal rate of interest is ____% compounded annually. (Round to two decimal places as needed.)

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