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A retail store is offering a diamond ring for sale for 36 months at $120 per month. The retail price of the ring is $3,900.

A retail store is offering a diamond ring for sale for 36 months at $120 per month. The retail price of the ring is $3,900. What is the interest rate on this offer?

6.76%

11.20%

8.25%

11.18%

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