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Suppose that you just bought a car for $34,000. You have agreed to pay for your car in equal annual installments of $12,000 for the
Suppose that you just bought a car for $34,000. You have agreed to pay for your car in equal annual installments of $12,000 for the next 5 years with the first payment to be made at the end of this year. What interest rate are you being charged on the loan? Answer Format: ENTER YOUR ANSWER AS A POSITIVE NUMBER INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" ' or any other formatting. Carry computation to at least 4 decimals. Enter your answer as a % rounded to 2 decimal places. For example 0.123456 should be enter as: 12.35
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