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You have just purchased a new car. To finance the purchase, you've arranged for an 18-month for 90 percent of the $30,000 purchase price. The

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You have just purchased a new car. To finance the purchase, you've arranged for an 18-month for 90 percent of the $30,000 purchase price. The monthly payment on this loan will be $1,646.52. What is the effective annual rate on this loan

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