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Sprint offers a new cell phone for free with a 2-year $45.00/month contract. Alternatively you can purchase the phone outright for $220.00 and pay $34.00/month

Sprint offers a new cell phone for free with a 2-year $45.00/month contract. Alternatively you can purchase the phone outright for $220.00 and pay $34.00/month for a service-only contract. What is Sprint charging you in annual interest rate to pay for the phone over the 2-year contract (rounded % to three places after the decimal)?

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