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You buy a used motorcycle from a friend for $2,750. Your friend agrees to finance the entire amount with payments of $125 per month for
You buy a used motorcycle from a friend for $2,750. Your friend agrees to finance the entire amount with payments of $125 per month for 24 months, starting in 1 month. If you can borrow the $2,750 from your credit union at 9.45%, should you do so? Explain your answer by determining the rate that your friend is charging
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