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A vehicle can be purchased by paying $62,000 now, or it can be leased by paying $1,188 per month for the next five years, with

A vehicle can be purchased by paying $62,000 now, or it can be leased by paying $1,188 per month for the next five years, with the first payment due on the day of signing the lease. What nominal annual rate of interest compounded monthly is charged on the lease? The nominal annual rate of interest is nothing% compounded monthly.

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