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A watch costs you $ 5 , 0 5 0 and you are thinking about a $ 1 0 8 / mo with a 6

A watch costs you $

5, 050

and you are thinking about a $

108 /

mo with a

60 -

month financing plan. What is the hidden interest rate?

(

Note: interest rate is always shown as an annual rate.

)

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