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You buy furniture for $ 2 , 0 0 0 . The retailer finances the entire amount for 3 year and says you will be

You buy furniture for $2,000. The retailer finances the entire amount for 3 year and says you will be charged 9% interest. The retailer uses the add-on method. Assuming your first monthly payment is due in one month, calculate the real annual rate you will pay.

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