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QUESTIONS 1. A motor corporation sells cars for P dollars, 40% of which must be paid in cash. The unpaid balance plus 8% of this

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QUESTIONS 1. A motor corporation sells cars for P dollars, 40% of which must be paid in cash. The unpaid balance plus 8% of this balance is divided into equal monthly payments to be made for the following 15 months. What effective rate of interest is one actually paying when buying on this plan

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