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Derek decides to buy a new car. The dealership offers him a choice of paying $565.00 per month for 5 years (with the first payment

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Derek decides to buy a new car. The dealership offers him a choice of paying $565.00 per month for 5 years (with the first payment due next month) or paying some $28,584.00 today. He can borrow money from his bank to buy the car. What interest rate makes him indifferent between the two options

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