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You purchased a car. The car dealership allows you to defer payments for 12 months, and you make 48 end-of month payments thereafter. If the

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You purchased a car. The car dealership allows you to defer payments for 12 months, and you make 48 end-of month payments thereafter. If the original loan is for $28,000 and interest in 8% per year on the unpaid balance What will your payment be? What is the effective rate of interest

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