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You are buying a new car for $18,000 and the dealer offers you credit terms of $2,000 down payment and payments of $650/month for 3

You are buying a new car for $18,000 and the dealer offers you credit terms of $2,000 down payment and payments of $650/month for 3 years. What is the effective annual financing rate they are offering you?

a. 1.49%

b. 26.64%

c. 2.22%

d. 30.13%

e. 17.88%

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