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used car dealer advertises financing at 4% interest 3 years with monthly payments. You must pay rocessing fee of $500 at signing. The car you

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used car dealer advertises financing at 4% interest 3 years with monthly payments. You must pay rocessing fee of $500 at signing. The car you like ver costs $9000. at is your effective annual interest rate? You believe that the dealer would accept $8200 if you paid cash rate would be paying if you financed with the dealer? (a) Wh . What effective annual interest 7

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