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Correct answer is given, I just need the work shown. You are going to buy a new car worth $24,400. The dealer computes your monthly

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Correct answer is given, I just need the work shown.

You are going to buy a new car worth $24,400. The dealer computes your monthly payment to be $503.45 for 60 months of financing. What is the dealer's effective rate of return on this loan transaction? The dealer's effective rate of return is 9.1 %. (Round to one decimal place.)

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