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A department store offers the following credit terms on a new appliance slashed to a price of $300: only $100 down, and the balance in

A department store offers the following credit terms on a new appliance "slashed" to a price of $300: only $100 down, and the balance in 24 monthly installments of $12.50. What monthly rate of interest is the company implicitly charging its credit customers? What is the stated annual rate? The effective annual rate?

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