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T-Mobile offers a new cell phone for free with a 2 -year $48.00/ month contract. Alternatively you can purchase the phone outright for $300.00 and

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T-Mobile offers a new cell phone for free with a 2 -year $48.00/ month contract. Alternatively you can purchase the phone outright for $300.00 and pay $34.00/ month for a service-only contract. What is T-Mobile charging you in annual interest rate to pay for the phone over the 2 -year contract (rounded \% to three places after the decimal)

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