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Chris just borrowed $78,000 to buy a new Corvette. The loan requires Chris to pay $1,524.14 per month (first payment exactly one month from today)

Chris just borrowed $78,000 to buy a new Corvette. The loan requires Chris to pay $1,524.14 per month (first payment exactly one month from today) for 72 months. The annual nominal interest rate on Chris' loan is ___________ p.a.

  1. 0.99%
  2. 11.98%
  3. 5.99%
  4. 0.50%
  5. 8.54%

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