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Suppose you are in the market for a new car worth $18,000. You are offered a deal to make a $1,800 down payment now and

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Suppose you are in the market for a new car worth $18,000. You are offered a deal to make a $1,800 down payment now and to pay the balance in equal end-of-month payments of $421.85 over a 48-month period. If you were to accept the dealer's offer, what would be the effective interest rate per month charged by the dealer on your financing

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