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Fast Eddie's Used Cars will sell you a 2010 Mazda MR2 for $9,000 with no money down. You agree to make monthly payments for 3

Fast Eddie's Used Cars will sell you a 2010 Mazda MR2 for $9,000 with no money down. You agree to make monthly payments for 3 years, starting one month after the sale. The interest rate on the loan is 6% APR. What is the effective annual rate on this loan?

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