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Financing is offered with the following terms: $ 2 4 , 0 0 0 cash now repaid with 2 4 equal monthly payments of $

Financing is offered with the following terms: $24,000 cash now repaid with 24 equal monthly
payments of $1,269. What interest rate is being charged? Show your answer both as interest
rate per month and as an effective annual interest rate.
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