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An engineer buys a $20,600 car. giving a down payment of $5,000. followed by 48 monthly payments of $375. The initial payment was made at
An engineer buys a $20,600 car. giving a down payment of $5,000. followed by 48 monthly payments of $375. The initial payment was made at the time of purchase and monthly payments begin at the end of the first month. What is the annual nominal interest of this negotiation?
- 7.2%
- 7.4%
- 5.6%
- 6.0%
- None of the above
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