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Please show full step and please explain 7- The cash price of a machine tool is $12,500. The dealer is willing to accept a $3500

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Please show full step and please explain

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7- The cash price of a machine tool is $12,500. The dealer is willing to accept a $3500 down payment and 24 end-ofmonth monthly payments of $425 38 each. At what effective interest rate are These Terms equivalent

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