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You plan to purchase a new Audi for $ 8 0 , 0 0 0 from Honest John's Autoworld. Honest John can offer you a

You plan to purchase a new Audi for $

80, 000

from Honest John's Autoworld. Honest John can offer you a rebate of $

8, 000

or a low financing rate of

1.9 %

for

60

months, your choice. What is the implicit interest rate Honest John is truly charging?

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