A used car dealership illustrates as follows its 7.5% finance plan on a car paid over 6 years: Cost of the car: $25, 000 10% finance charge: $11, 250 (that is, 7.5%/year $25, 000 6 years) Total cost: $36, 250 Monthly payment: $36, 250 72 months = $503.47/month. The first payment must be made on the date of purchase. Moreover, the dealer will pay you back 5% of the cost of the car at the end of 8 years if you return it, which you intend to. What is the true interest rate compounded monthly being charged? Note: Write down the equation of value that describes the situation. no excel answers please.