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You purchased a car for $31,500 with no down payment.You plan to pay it off with monthly payments of $850 in 4 years.What is the

You purchased a car for $31,500 with no down payment.You plan to pay it off with monthly payments of $850 in 4 years.What is the effective annual rate of interest on the loan?

8.81%

12.27%

10.50%

11.37%

14.16%

13.20%

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