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Suppose you borrow $25,000 from your parents to buy a car. You agree to pay them $500 per month for 60 months, starting in

Suppose you borrow $25,000 from your parents to buy a car. You agree to pay them $500 per month for 60 months, starting in a month. What is the monthly interest rate? 0.618% 7.23% 6.81% 2%

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