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Raj bought a second hand BMW car for $17,000. He put down $5,000 and financed the rest through the dealer at an APR of 7.8%

Raj bought a second hand BMW car for $17,000. He put down $5,000 and financed the rest through the dealer at an APR of 7.8% percent for four years. What is the effective annual interest rate (EAR) if ...

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