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Charles is considering purchasing a new car. The cash purchase price for the car is $55625. To the closest whole percentage, what is the annual

Charles is considering purchasing a new car. The cash purchase price for the car is $55625. To the closest whole percentage, what is the annual interest rate if Charles is required to make annual payments of $12500 at the end of the next five years?

a) 6% b) 3% c) 4% d) 5%

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