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You are in the market for a new boat, and have just found the one you want to purchase. You can pay for the boat

You are in the market for a new boat, and have just found the one you want to purchase. You can pay for the boat with cash for $20,000 today, or you can finance the boat for 4 years with monthly payments of $550.00. What is the implied interest rate of the loan?

1.2%

2.4%

4.6%

6.8%

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