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Jake s Used Cars just sold you a clunker ( you need it to get to class on time ) . You financed the $

Jake

s Used Cars just sold you a clunker

(

you need it to get to class on time

) .

You financed the $

36, 000

purchase price for

48

months. They said your payment would be $

890 .

What interest rate did they charge you

(

assume monthly compounding

) ?

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