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What is the effective annual interest rate on the loan? Car purchased for $29,000 with a 5 year loan with an annual interest rate of

What is the effective annual interest rate on the loan? Car purchased for $29,000 with a 5 year loan with an annual interest rate of 9% with monthly payments of $601.99.

A. .0075%

B. .75%

C. 9.381%

D. 11.5%

E. None of the above

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