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The Fly By Night Used Car Lot uses the following to illustrate their 8 . 1 % finance plan on a car paid over 5

The "Fly By Night" Used Car Lot uses the following to illustrate their

8.1 %

finance plan on a car paid over

5

years.

The first payment must be made one month after purchase. On the other hand, if you pay cash the dealer will offer you a discount of

5 %

of the cost of the

car. What is the true interest rate compounded monthly being charged?

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