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Lease payments of $600 per month on a car costing $48,000 are advertised by a dealer. The lease is for 5 years, requires a down
Lease payments of $600 per month on a car costing $48,000 are advertised by a dealer. The lease is for 5 years, requires a down payment of $12,000 and has a residual value of $6,000 at the end of the lease. What rate of interest compounded quarterly is built into the lease? Correct your answer to
2 decimal places.
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