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You purchased a car for $33,500 with no down payment.You plan to pay it off with monthly payments of $850 in 4 years.What is the

  1. You purchased a car for $33,500 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?
  2. 12.27%
  3. 10.50%
  4. 14.16%
  5. 13.20%
  6. 11.37%
  7. 8.81%

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