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Lease payments of $850 per month on a car costing $85,000 are advertised by a dealer. The lease is for 7 years, requires a

Lease payments of $850 per month on a car costing $85,000 are advertised by a dealer. The lease is for 7 years, requires a down payment of $15,000 and has a residual value of $10,000 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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