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Stan Slickum has a used car that can be bought for $7,600 cash or for a $1,000 down payment and $730 per month for

Stan Slickum has a used car that can be bought for $7,600 cash or for a $1,000 down payment and $730 per month for 12 months. What is the effective annual interest rate on the monthly payment plan? The effective annual interest rate is %. (Round to one decimal place.)

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