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Posted on May 19, 2024

A car valued at $ 2 1 , 5 0 0 can be purchased for 1 2 % down and monthly payments of $ 4

A car valued at

21, 500

can be purchased for

12 %

down and monthly payments of $

450

for four 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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